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Ukraine and EU sign declaration on modernizing Ukraine’s gas transport system

March 25, 2009

Ukraine has committed itself to establishing a transparent gas market. This commitment has been fixed in a joint declaration by Ukraine and the European Union at the conclusion of an International Investment Conference regarding the modernization of the Ukrainian gas transport system, signed March 23 in Brussels.

Premier Yulia Tymoshenko signed on behalf of the Ukrainian side, while EU Commissar for External Relations and European Neighborhood Policy Benita Ferrero-Waldner and EU Commissar for Energy Andris Piebalgs signed on behalf of the Union.

In addition, the declaration was signed by the presidents of the European Investment Bank (EIB), the European Bank of Reconstruction and Development (EBRD), and the World Bank (WB).

According to the text of the declaration, the Ukrainian government takes on itself a commitment to ensure an independent operator for its transit gas, mainly by carrying out the EC Directive ¹55 from 2003 regarding the general rules for internal natural gas markets.

Thus, the government has committed itself to ensuring transparency and openness for investors in modernizing the country’s gas transport system and to provide equal access to available financial and technical information. It is also expected to ensure proper oversight of any resources drawn for the modernization of the gas transport system.

The government of Ukraine has promised to allow gas transit operators to act on a commercial basis to fulfill their long-term business plans. Ukraine has also promised to ensure access to third parties to its underground gas storage on a transparent, commercial basis.

Ukraine is expected to complete reforming its gas sector by the end of 2011, which will also be fixed in the Agreement on Association between Ukraine and the EU, as well as in the Agreement on Ukraine’s accession to the Energy Community.

Tags: gas transport system