| Emitents | Latvijas gāze, AS (097900BGMO0000055872) |
| Veids | Būtiski notikumi |
| Valoda | EN |
| Statuss | Publicēts |
| Versija | |
| Datums | 2007-12-14 20:24:21 |
| Versijas komentārs | |
| Teksts |
On 14 December 2007, the Council of JSC Latvijas Gāze reviewed and accepted an agreement regarding the supply prices of natural gas between JSC Latvijas Gāze and OJSC Gazprom in the time period between 1 January 2008 and 31 December 2010. The new agreement provides for an increase in the purchase price of natural gas. There are two reasons for this increase: 1.) the price policy practiced by Russian suppliers, which aims to level out the supply price for natural gas in the Europe market and 2.) the high price throughout the world for oil, oil products, and other energy resources. The latter makes up the most substantial portion of the increase. Henceforth, one of the factors that determines purchase price will continue to be the price of fuel oil (containing 1 % sulphur), which has determined price up until now. This will be joined by another factor: the price of gasoline in the European oil-product commodity exchanges. The determination of price in this way is practiced throughout the European market. The average price for fuel oil in January of 2007 was approximately USD 240/t; by 13 December 2007 the price for fuel oil reached USD 506/t, which is a new record for fuel oil prices (an increase of 110 %). At the beginning of the year, the price of oil was approximately USD 50 per barrel, but by the end of the year the price reached USD 90 per barrel for the first time in history. In December of 2007, oil-exporting countries (OPEC) announced their decision not to increase the volume of oil extraction, which will not have a positive influence on the future development of oil prices. The growing demand for energy resources in China and India must also be taken into account. Up until April of 2008, JSC Latvijas Gāze will supply natural gas from the Inčukalns Underground Gas Storage, which contains reserves that were procured in 2007 for a lower price; therefore, from January 1 the company will not experience any real changes. But from the moment when JSC Latvijas Gāze begins to supply natural gas to clients directly from the Russian transmission system, the new purchase price will be applied. Since the price of oil products fluctuates every day, it is not possible, at the present moment, to precisely predict the increase in purchase price in April of 2008. If, in April of 2008, the average price for fuel oil in the previous six months was between USD 400/t and USD 500/t, then a corresponding increase in the purchase price of natural gas of approximately 20 % – 50 % of the price paid in December of 2007 is to be expected. (When determining purchase price, the average fuel-oil price in the last six months is used in calculations; in December of 2007, this price is approximately USD 400 /t.) If, for example, the price of fuel oil falls to an average price of USD 350 /t, then the increase in purchase price will only be approximately 7 %. At the moment, it is still not possible to predict the changes in tariffs for clients in Latvia, because 1.) it is difficult to foresee the price of oil products and 2.) in 2008, the Public Services Regulation Committee will develop a new method for calculating tariffs, based on which JSC Latvijas Gāze will develop a tariff project, which it will then submit to the Committee. The Council of JSC Latvijas Gāze also reviewed the budget for 2008. If there are high oil-product prices in 2008, and if tariffs for clients in Latvia are not raised in a timely manner, the budget for 2008 predicts losses of five to thirty million LVL. JSC Latvijas Gāze Commercial representative Vinsents Makaris |
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