Russia has agreed to cut the price of gas exported to Ukraine by about 1/3 in 2014, lowering gas prices from US$400/1,000 m3 to US$268.5/1000m3.
Moreover, Russia will resume oil supply to the Odessa refinery (up to 750,000 t in 2014), after a 3-year interruption; the refinery was shut down in October 2010 due to low financial performance and resumed operations in October 2013 when VETEK acquired it from Lukoil.
This agreement is part of a broader bilateral deal, which includes a US$15bn bailout (Russia will buy US$15bn of Ukrainian debt), as massive protests in Ukraine reject pro-Russian policies.
Source: http://www.enerdata.net/enerdatauk/press-and-publication/energy-news-001/ 18 December 2013
