Ukraine to Become Energy Independent by 2020 – President

November 6, 2013

Thanks to foreign investment Ukraine will increase the production of country’s energy resources and will strengthen country’s energy independence, Itar-Tass reported on November 5. “The implementation of large-scale projects with the corporations Shell and Chevron will permit Ukraine to reach the full provision with gas supplies by 2020 and according to the optimistic scenario to export the energy resources,” Ukrainian President Viktor Yanukovich said on Tuesday at a meeting of the council of Ukrainian and foreign investors devoted to the investment in development of economy and social sphere in the conditions of a free trade zone that may be created with the European Union.

Meanwhile, the president noted that Kiev hopes to make the country more attractive in terms of investment in the energy sector after an association agreement is signed with the E.U. in late November. “We expect that after the signing of the agreement the investment attractiveness of the energy sector will increase. Ukraine is working on the improvement of the conditions for the implementation of the energy projects,” the president said.

In his view, the bringing of the Ukrainian legal field in compliance with the EU third energy package (the EU demands dividing energy enterprises according to the types of activity - Itar-Tass eds) will allow to make the energy sector of the country more competitive, transparent and attractive in terms of investment. “Already today we are cooperating successfully with the world companies in the production of hydrocarbons,” the president noted, adding that “this not only promotes the introduction of advanced technologies and experience, but also increases energy security of the country.”

Prime Minister Nikolai Azarov also stated earlier that at the beginning of the next decade Ukraine may turn in a gas exporter in Europe from the current importer. In his words, Ukraine plans to increase gas production to 30 billion cubic metres within 5-10 years. In his words, this gas output will cover all the needs of the country and Kiev will be able to export this raw material in the future.

Copyright: Itar-Tass, 2013