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Ukrainian Government To Review Gas Contract

5 January 2005 -- The Ukrainian government says that the head of the country's state oil and gas monopoly had no right to sign a gas contract with Turkmenistan.

At a cabinet meeting in Kyiv yesterday, acting Prime Minister Mykola Azarov said the head of the monopoly Naftohaz Ukrayiny did not have the right to sign the contract with Turkmenistan over the delivery of 36 billion cubic meters of gas this year.

Azarov said the Finance Ministry, the Economy Ministry, and the Fuel and Energy Ministry have two days to review the contract that included a price hike from $44 to $58 per 1,000 cubic meters.

He said the findings of the ministries will be submitted to the cabinet to endorse a decision.

The contract was signed on 3 January.