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They have perfect economic value which makes them real:

every time Ukraine steals gas, that is the amount Gazprom gets back;
current ratio is tilted into Ukraine's favour;
Gazprom transit fees for Turkmen gas can be made the same as Ukraine's fees for Gazprom gas;
that is the amount Ukraine will pay for the gas in the first quater of 2006 and after 2007, when Turkmen gas is being bought by Gazprom.

Ukraine can not charge whatever it wants for the transit (well, no more than Russia can charge for the gas, being the only supplier), and one of the reasons being that Turkmen gas goes through Russian pipeline.

As for the price, Gazprom is talking about 12 bcm/y, so it does not seem to think that the price is great.

by blackhawk on Mon Jan 2nd, 2006 at 10:15:37 AM EST
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