By Vladimir V. Sytin
The Ukrainian Times
The state gas company Neftegaz Ukrainy and the Frontera Resources Corporation of the United States have agreed to build a LNG terminal with a capacity of 10 billion cubic meters in Ukraine. As expected, liquefied natural gas will be shipped from the Republic of Georgia.
Funnily enough, Frontera has never built LNG terminals. Last year the American corporation obtained only five million cubic meters of gas from poor Georgian wells. This volume of gas is daily consumed by Kiev alone in the summer.
As a matter of fact, 300 billion cubic meters of reserves of Georgian gas trumpeted by Neftegaz are only prospective (the numbers are fishy as experts have seen some different calculations).
Reportedly, Frontera annual earnings amount to $6 million, whereas the project of building the LNG terminal in Ukraine is estimated at 850 million euros.
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