Ukrainian crisis may affect natural gas price

The crisis in Ukraine will likely have an impact on natural gas but it will not affect the agreement to be signed with Gazprom in the following days, Deputy Environment, Energy and Climate Change Minister Asimakis Papageorgiou told private radio station Vima FM.

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He noted, however, that "if the crisis creates turmoil in international markets - as the price of oil is one of the algorithms that sets the world price - and results in oil price increases, we will also be affected."

"It is still a small increase, but I hope the forecasts of international rating agencies for a fall in 2014 will come true," he said.

"The crisis has not yet affected the flow of natural gas to Europe, but the gas distribution node to Ukraine from Russia is in the western and central part which is controlled by the Ukrainian government, and there has been no problem there for the time being," he added.

He underlined that Greece like other countries has taken measures. "In our case, the solution is liquefied natural gas, which is supplied from Algeria and the free market. A boat-load is coming from Algeria this week and we are also looking for alternative sources in the international market," he said.

Asked whether electricity tariffs would increase, he said: "There has been no increase in electricity tariffs since January 2013, and this is the plan for 2014...provided there are no dramatic developments as a result of the crisis such as an increase in the price of oil."