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«Government has not allowed Gazprom to destroy Ukraine's balance of payments», markets research department of the company Pro-Consulting, Iryna Stepaniuk. UKRINFORM

KYIV, April 3 /UKRINFORM/. The state policy aimed at reducing costs on fuel has provided a surplus of Ukraine's balance of payments.

This is stated by an analyst with the markets research department of the company Pro-Consulting, Iryna Stepaniuk, the company's press service reported.

"The reduction in the supply of Russian gas (in January-February 2013 it fell by 23.2 per cent) has already contributed to the growth of the balance of payments surplus ($1.7 billion)," the expert said.

This trend can be reinforced through the development of domestic resources (for example, increasing daily production of gas in the Black and Azov seas by 25%), and cooperation with more favorable for Ukraine energy producers, like Kazakhstan, Stepaniuk believes. However, in her view, the supply from Kazakhstan will be actively opposed by Russia.

As reported, the surplus of Ukraine's balance of payments rose in two months of this year to $1.7 billion, compared to $1 billion deficit a year earlier. Imports of goods for two months decreased by 5.5%, while exports for the same period grew by 2%. Thus, foreign sales of chemical products increased by 22.1%, food products by 26%, electricity by 39.3%.

Ukraine reduced gas imports in January-February by 23.2% compared to the same period last year, to 4,741.5 million cubic meters, and is working to replace Gazprom's supplies with purchases on the spot market in Europe. Ukraine considers fettering the gas contract signed in 2009 by the government of Yulia Tymoshenko, but Russia refuses to revise its terms.

Source: "UKRINFORM" information agency