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Prime Minister: Over 3-4 years Ukraine's domestic production can satisfy its own gas demand
22.01.2018 | 09:15
INFORMATION AND COMMUNICATION DEPARTMENT OF THE SECRETARIAT OF THE CMU

Announced by the Government guideline for economic growth at 4-5% per annum would allow for the country to apply the needed resource for development, which would become the basis for, in particular increased domestic gas production and 100% delivery of Ukrainian fuel to consumers. This was stated by Prime Minister of Ukraine Volodymyr Groysman on air of the ICTV channel.

"I want Ukraine to become the state that satisfies its demand in gas through domestic production. This idea will enable us to reduce the price for gas. This can be done fundamentally in 2020," said Volodymyr Groysman. "That's why it's vital for us to ensure a 5% growth at least."

Background

The Head of Government has repeatedly drawn attention to the fact that Ukraine has every opportunity to achieve energy independence - by increasing the extraction of its own fossil fuels, especially gas, and liberalization of the fuel market, and hence the systematic reduction of gas prices inside the state. Increase in extraction will occur simultaneously with the modernization of the industry through the introduction of sectoral support programs and a possibility of payment of VAT in installment when importing the necessary equipment, as well as simultaneously with the introduction of energy efficiency programs.

According to scientific data, Ukraine owns 276 billion cubic meters of gas reserves (140 deposits). The total potential of deposits is three times higher - 923 billion cubic meters. Over the past decades, Ukraine has only reduced the volume of its own gas extraction, including through a series of political decisions. The positive dynamics of gas production was recorded in 2016.

 

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