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Gazprom to stick to market price formula for gas supplies to Ukraine - CEO

Gas Distribution Facility
SOCHI, Russia, June 6 (RIA Novosti) - Russia's state-run gas export monopoly Gazprom will stick to the market price formula for natural gas supplies to Ukraine, Gazprom CEO Alexei Miller said on Monday.

"We have an existing contract and the price formula and further talks will be based on the market price formula and market approaches stipulated in the contract," Miller said.

Ukraine wants to revise the 2009 gas supply contract signed by previous Prime Minister Yulia Tymoshenko, claiming the gas pricing formula which linked the price for gas with the international price for oil was unfair, and forced Kiev to overpay since oil prices have risen significantly.

"This is a market approach and, of course, no one would invent any other formulas linked to other energy products," he said.

Moscow has said on many occasions it is satisfied with the contract but is ready to consider Kiev's suggestions.

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