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. Last Updated: 07/27/2016

Naftogaz Urges Europe to Store Gas

KIEV -- European gas companies should consider buying gas from Russia and storing it in Ukraine as a way to help avoid a new crisis over Russian supplies, Ukraine's state energy firm Naftogaz said Thursday.

The company's acting head said a second option being examined by the company -- Ukraine securing credits to purchase gas to be placed in its storage areas -- could be decided on within one or two weeks.

A Naftogaz statement on Thursday said credits amounting to $4.2 billion were needed to make the necessary purchases but that large-scale borrowing could be avoided if European companies agreed to buy more gas than currently needed and store it in Ukraine.

The statement said the three parties involved in the talks -- Russia, Ukraine and the European Union -- were examining the two options.