Ukraine's Energy Sector Spikes Interest of Foreign Investors

         Ukraine's Energy Sector Spikes Interest of Foreign Investors

  PR Newswire

  KYIV, Ukraine, October 31, 2013

KYIV, Ukraine, October 31, 2013 /PRNewswire/ --

European energy companies Eni (Italy) and Électricité de France (France)
confirmed their readiness to invest in Ukraine during their meeting with the
President of Ukraine Viktor Yanukovych. Moreover, Ukraine and Électricité de
France signed a memorandum of understanding on cooperation in the areas of gas
industry and electricity. Ukraine is aiming to achieve energy independence by
increasing its own energy production, stated President Yanukovych during the
meeting.

The Italian Eni is set to invest in Ukraine and help develop the extraction of
hydrocarbons in the eastern European country, said the company Chief Executive
Officer Paolo Scaroni. Henri Proglio, the Chairman of the Board and CEO of
Electricité de France, informed that his company was ready to expand
cooperation with Ukraine in the areas of nuclear energy, gas and electricity,
as well as discussed the issue of electricity export, as reported by
Interfax-Ukraine.

Triggered by ongoing gas price disputes with Russia, Ukraine began actively
employing efforts to achieve energy independence in 2011. The country took
steps to reduce domestic energy consumption, develop energy production, and
diversify external suppliers of energy.

In 2012, Ukraine managed to reduce gas import by 26.5 percent - down to about
32 billion cubic meters, following the country's consistent strategy on
increasing energy independence.

In an effort to develop domestic gas resources, Ukraine cooperates with global
energy companies which will develop gas deposits in western and eastern
regions of Ukraine, as well as in the deep marine shelf of the Black Sea.
Namely, Shell won the right to explore gas in Yuzivske gas field in Eastern
Ukraine in May 2012. In August 2012, Shell, ExxonMobil, Romanian OMV Petrom,
and Ukrainian state company Nadra received joint rights to develop underwater
deposits at Ukrainian deep marine shelf field under the Black Sea.

Ukraine also aims to finish its LNG terminal project by 2018. The project cost
is estimated to reach USD 1 billion. According to the official national
projects website, LNG terminal will help decrease imported gas price by 15-20
percent.

Ukraine continues arranging for the reverse gas supplies from its Western
neighbors - Hungary, Poland, Slovakia and Romania. The estimated annual volume
of gas to be delivered through the reverse supplies may exceed 30 billion
cubic meters.

Contact: For more information, please contact Maria Ivanova +380443324784
news@wnu-ukraine.com, Project Manager at Worldwide News Ukraine.
 
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