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Ukraine cuts expected volume of gas reserves for 2021/22 winter

Ukraine has revised down its estimate of the amount of natural gas it will have in underground storage for the 2021/22 heating period to at least 17 billion cubic metres (bcm) of gas from 19-20 bcm, the energy ministry said on Thursday.

The ministry gave no reason for the lower forecast, but analysts have said that skyrocketing gas prices are raising concerns about generating sufficient reserves ahead of winter.

The country’s gas reserves reached 28 bcm at the beginning of the 2020/21 heating season, the most in 10 years.

Ukraine ended the 2020/21 winter with 18 bcm in reserves, 13% more than a year earlier. State-run energy firm Naftogaz said in May it had already started pumping gas into storage.

Ukraine used to meet its gas needs with imports from Russia but has not bought Russian gas directly since November 2015 after Kyiv’s relations with Moscow soured over Russia’s annexation of Crimea. Kyiv now imports from Europe.
Source: Reuters (Reporting by Pavel Polityuk; Editing by Kirsten Donovan)

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