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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,083.80 -2.83 -0.02%
S&P 500 1,987.98 +0.97 0.05%
NASDAQ 4,472.1080 -1.5890 -0.04%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs