Ukraine expects to increase gas reserves to 15 bcm by early Nov - minister

MOSCOW. Oct 24 (Interfax) - Ukraine plans to accumulate 15 billion cubic meters of natural gas by November 1, 2022, which would be quite enough for the upcoming heating season provided favorable conditions, Minister for the Development of Communities and Territories Alexei Chernyshev said.

"We have 14.5 billion cubic meters of gas now. There'll be 15 billion cubic meters by November 15. We're meeting the target, and this would be quite enough to go through the fall and winter period," Ukrainian media quoted Chernyshev as saying at a meeting with journalists in Kiev.

The target of 15 billion cubic meters of gas should be achieved through own production, both in the government and private sector, he said.

Chernyshev admitted, however, that Ukraine might require more gas in case of an unusually cold winter and certain losses in coal-fired power generation.

"In this case, we understand that we would need about 2 billion cubic meters of gas," Chernyshev said, noting that this gas is likely to be shipped from the United States, and Ukraine expects to receive the necessary funding from its foreign partners.

He admitted that, if Ukraine has to import U.S. gas, this would be liquefied gas (LNG), which involves some issues, including logistical ones. However, he said, the government has answers to all possible questions.

As concerns coal reserves, Ukraine has about 1.8 million tonnes of coal, which is 0.7 million tonnes behind the target of 2.5 million tonnes Ukraine was supposed to accumulate by mid-October, he said.

"We should produce more electric energy using thermal power plants, and therefore, coal consumption is high now," Chernyshev said, adding that the accumulation of coal reserves is also being prioritized.

As reported earlier, Naftogaz of Ukraine CEO Yuriy Vitrenko said on October 19 that Ukraine had accumulated 14.2 billion cubic meters of gas in its underground gas storage facilities. Vitrenko suggested that Ukraine might have to import more gas to back up the power industry.