KIEV, Jan. 20 – Ukraine’s top security body under President Viktor Yushchenko will get together on Friday to review the latest natural gas agreements between Naftogaz Ukrayiny and Gazprom, Yushchenko said Tuesday.

This comes amid reports that Ukraine may lose $1 billion over the next 12 months from the agreements by leaving unchanged the fee that Naftogaz is charging Gazprom from shipments of gas to the European Union just as gas price is increasing.

“We have to look at the agreements signed by Naftogaz and Gazprom to see whether they meet national interests, and to come up with steps that would minimize negative consequences of high gas prices in 2009,” Yushchenko said.

The National Security and Defense Council, which is controlled by Yushchenko, is capable of approving decisions that that mandatory for the government. But governments, including the Tymoshenko government, have a history of not complying with at least some NSDC’s decisions.

Gazprom and Naftogaz signed the agreement on Monday that ends 20-day standoff between the two, which had already led to disruptions in gas supplies to the EU. Shortly after the agreement was signed, Russia resumed the supplies that are expected to reach European customers before Wednesday.

“The only thing that we can be happy about is that Russia has resumed supplies of gas to Europe and to Ukrainian consumers,” Yushchenko said, adding that the agreements created “new challenges” for Ukraine.

Bohdan Sokolovskiy, Yushchenko’s energy security envoy, on Tuesday spelled out some of the challenges, including the fact that Ukraine will have to pay an extremely high price for gas in the first quarter.

He also said that overall Ukraine will probably lose at least $1 billion in 2009 after the agreements come into force based on the fact that Naftogaz will not increase fee on transit of Russian gas.

“We are trying to comfort ourselves that we received 20% discount. If we [monetize] this discount, we get $2.2 billion in benefits,” Sokolovskiy told the Channel 5 television.

“But at the same time, since we move gas at $1.7/1,000 cu m, not at $4 as Slovakia, we fail to receive about $3.4 billion,” Sokolovskiy said.

“If we add these numbers together, it looks like Gazprom is getting more than $1 billion in its favor,” Sokolovskiy said. “So, where is the success?”

Prime Minister Yulia Tymoshenko has earlier estimated Ukraine’s benefits from the agreements with Gazprom at $5.5 billion in 2009, but it was not clear what prices did she compare to get the number.

Gazprom incurred more than $1 billion in direct losses over the past 20 days of the standoff with Ukraine that includes revenue not received due to suspended supplies of gas to Ukraine and to the EU. (tl/ez)