This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ukraine Will Liberalise Gas Market By 2014 - Ukraine's Energy Official

KYIV, Ukraine, April 12, 2013 /PRNewswire/ --

Ukraine will complete the liberalization of its gas market according to European standards by 2014. The plans were announced by Volodymyr Makukha, the Deputy Minister of the Energy and Coal Industry of Ukraine. Ukraine intends to finish the restructuring of its gas monopoly Naftogaz and attribute the functions of gas extraction, storage, transporting, purchasing, and selling to independent entities.

Makukha singled out the adoption of the law regulating the Ukrainian gas market as a significant development in the gas market liberalization. Ukrainian parliament voted in the law on the natural gas market in 2010. The document corresponds with all 55 Directives of the EU, noted the state official. It nears Ukraine to European standards and introduces clear and transparent rules for the functioning of the gas market in Ukraine, regulating gas extraction, storage, transporting, purchasing, selling, and associated activities.

Another step that Ukraine made to liberalise its gas market were the new rules of access to its gas transporting system. The respective regulations were adopted in April of 2012. They created legal basis for the introduction of foreign traders into the Ukrainian gas market, providing them access to the Ukrainian pipeline network.

Historically, the Ukrainian gas market has been a state monopoly. The public company Naftogaz is responsible for the majority of transactions in the gas business. Ukraine aims to provide non-discriminatory access to its gas network and turn over the control of gas transportation and gas distribution to legally independent entities.

Aiming to integrate its gas transporting system into the European market, Ukraine joined the Energy Community Treaty. On February 1, 2011, the Eastern European country became a full member of the European Energy Community.

In February 2012, Ukraine called for the creation of a tripartite gas consortium, featuring Ukraine, the EU, and Russia, in order to provide more efficient management of the country's 37,000 kilometer gas pipe network. Facing the challenge of wear and tear, Ukraine anticipated the tripartite consortium would undertake the task of the modernization of the country's gas transporting system. In October 2012, the Head of the Delegation of the EU to Ukraine Jan Tombinski informed the EU was set to contribute to the modernization of Ukrainian GTS.

SOURCE Worldwide News Ukraine

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,596.35 -350.33 -1.95%
S&P 500 2,057.64 -43.85 -2.09%
NASDAQ 4,958.4680 -122.0370 -2.40%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs