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Gazprom Sticks to Contract

Gazprom will hold Naftogaz Ukrainy to minimum import volumes in their natural gas supply contracts, chief executive Alexei Miller said Wednesday in a statement.

Naftogaz must pay for 33 billion cubic meters of gas even if Ukraine does not take the full volume, Miller said.

Ukraine will reduce annual natural gas purchases from Russia to 12 bcm within five years by cutting use through energy efficiency measures and replacement with coal, the country's Energy Minister Yury Boyko has said.

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