Where Ukraine will look for money for gas purchase

Ukraine comes out of the difficult heating season and should already prepare for the next, which will be no less difficult because of record low gas reserves. The key problem is the lack of money, which will take $ 1.5 billion. up to $ 3 billion. The fifth part is ready to cover the donors, but where to get the rest, no one knows.

Naftogaz calls the current situation a « national scale » and counts on the government’s assistance in raising credit. Market participants advise the management of the state company to look for a resource in Naftogaz and pay attention to multi -billion -dollar long -term debts in the gas market. The termination of this chain would cover almost all the needs for money to buy blue fuel.

What amount of gas should Ukraine be pumped before the beginning of winter and where to take money for it?

How much gas has lost Ukraine because of shelling

Since the beginning of the Great War, the Russians made 18 massive attacks on gas objects of Ukraine. Eight such shellings occurred only since the beginning of 2025.

It is significant that the enemy continues to beat by gas infrastructure even after the so -called action begins energy trucewhich the Kremlin seemed to officially agree. Initially, the Russian army attacked underground gas repositions (PSG) in the west of the country, and later moved to the objects of production in the east and in the center.

The shelling of compressor stations near PGS began in March 2024. Their goal is to scare out foreign traders and make them refuse to store blue fuel in Ukraine by disrupting the preparation for the winter. Unfortunately, the Kremlin succeeded. If by the beginning of the winter 2023-2024, non-residents kept 2.5 billion cubic meters in Ukrainian storage. m of gas, then in the current season its volume has decreased almost to zero.

Since January 2025, the Russians moved to the next stage: blows on gas production facilities. First of all, on the obvious compressor stations that clean and dehydrate gas before pumping into the gas transportation system (GTS). In particular, the capacities of state-owned companies « Ukrgasvydobuvannya » and « Ukrnafta », private DTEK and « Esco-North » were injured.

As a result of these attacks, Ukraine has lost about 40% of production. Some of the equipment has been restored, the repair of the rest can take several months, and it will take more than a year for full recovery – the equipment should be ordered abroad.

Thus, Putin created a situation in which Ukraine, having blocked the transit of Russian gas through its territory, is forced to buy Russian gas in Slovakia and Hungary. These countries buy it because of the Turkish Stream.

Due to Russian attacks on the objects of production of blue fuel « Naftogaz » in February grew up to a maximum of one and a half year to 512 million cubic meters. m.

Most gas was purchased in Slovakia (234.4 million cubic meters) and Hungary (218 million cubic meters), which was 45% and 42% of total imports, respectively. However, the recorded supply volumes are waiting for Ukraine in the near future.

How much gas and money for the winter need

Ukraine completes the autumn and winter with a record low gas reserves. According to Aggregated Gas Storage Inventory, in early April, there were less than 5 billion cubic meters in underground storage. m of gas, active – only 900 million cubic meters. m.

It is about the amount of fuel that can be physically lifted from the repositories (in the PSG there should always be a certain amount of so -called buffer gas – about 4 billion cubic meters for safe operation of the object). For comparison, a year ago, 3.5 billion cubic meters remained in storage. m of active gas.

Despite the end of the heating season in many cities, the season of gas pumping has not started in Ukraine, but its selection continues-7-10 million cubic meters. m per day. How many in such circumstances should you buy fuel until the next winter?

« If by November 1, 2025 we want to reach the gas balance in the storage facilities, then it is necessary to import 4.5-4.6 billion cubic meters of gas, »-says Naftogaz board member Dmitry Abramovich.

The specified volume is only an indicative evaluation of Naftogaz, not the official import indicator approved by the government. Therefore, the figure may still change.

The EP interlocutors in the market gave various import scores, depending on whether Russia will continue to firing gas infrastructure and what the consequences of attacks would be. At least 4 billion cubic meters should be imported according to the most optimistic variant of events. m fuel, by pessimistic – 8 billion cubic meters. m.

How much money does it take? In recent months, gas in the EU cost $ 400-500. for thousand cubic meters. m. If you start from current prices and delivery costs, then 4.5 billion cubic meters. m will have to pay more than $ 2 billion. or about UAH 85 billion.

If the average annual price is about $ 350, as last year, the need will be reduced to more than $ 1.5 billion. The final amount may change somewhat.

Where to get the money

Is Naftogaz $ 1.5-2 billion. To buy gas for the next winter is a rhetorical question. Where to get all the necessary amount – no one understands.

Some of the required amount of Naftogaz can pay alone, but it is not enough. During the last meeting of the Parliamentary Committee on Energy, this was confirmed by the board member of the company Ivan Lukeya, without naming a specific figure. « The financing structure consists of several blocks. The first is the group’s own liquidity within the possible and accessible, it is small, » he said.

The second source is an EBRD loan for 270 million euros. Third, grant assistance from the Norwegian government of 140 million euros, which was agreed on March 27. Along with external sources, 410 million euros were attracted. « These 410 million euros do not cover the misery from real needs. Maximum 20%. Where to get the rest? » – Maxim Khlapuk asked at the mentioned meeting of the Parliament Committee.

Naftogaz representative recognized: the resource is not enough, so it has translated part of the responsibility to the Verkhovna Rada, the Government and international partners.

« The need for Naftogaz financing is a nation -scale challenge. After a series of massive attacks, we have been in a situation in which electricity has been in 2022 and solved this problem by the government, parliament and international partners. Now the same challenge is facing the gas sector, » Luke.

To solve the problem, deputies and Naftogaz representatives want to initiate a meeting with Prime Minister Denis Shmigal and Finance Minister Sergei Marchenko.

« I predict that the essence of this meeting will be reduced to the proposals to attract even more loans. There is already information about Naftogaz plans for loans for several hundred million euros that are still not enough, » says the EP interlocutor in the government.

He advises Naftogaz to focus on internal resources. First of all – to pay attention to the issue of debt settlement in the gas market and the heat supply market, the amount of which already exceeds UAH 200 billion.

« Key – Solving the problem of difference in tariffs for heat utilityimplementation law and settlements between market participants. This will improve the financial condition of TKE and Naftogaz, reduce the reserves of dubious debts, release part of the funds for buying gas,  » – said the interlocutor of the EP in the Cabinet.

The scale of the problem with Naftogaz’s debts recognizes. « Repayment of receivables to the company will allow to confidently cover the needs of the country for the purchase of imported gas, at least most of the heat. Only heat supply companies have owed about 90 billion hryvnias, » Lukera says.

According to MP Andriy Kita, cities with large budgets for development can be the most unscrupulous payers for gas: « It is necessary to start with Kiev. It may be that these are conscious non -payment, which have nothing to do with the country’s security. It is important to understand how the debts of cities were formed. »

The interlocutor of the EP in one of the energy companies adds that the issue of debt settlement in the heat supply market has not been given due attention for years, and now its relevance has risen to a new level.

What are the consequences of ignoring the problem? The most pronounced example is Rivne, where the local water utility through debts goes to hourly water supply.

« This scenario is waiting for us and for the heat if you do not start solving the problem. The government, together with Naftogaz, should convince the IMF to regulate this issue before the heating season, otherwise there will be a catastrophe, » the EP interlocutor summed up.