15:15 28.04.2014

Memorandum on reverse gas supplies through Slovakia to enhance Ukraine's energy security - European Commission

2 min read

The signing of a memorandum on reverse gas supplies through Slovakia will enhance Ukraine's energy security and help the country gain access to a variety of supply sources, the European Commission has reported.

According to the report, the successful implementation of gas flows from the EU to Ukraine is a win-win situation for both parties. It allows Ukraine to access a variety of gas sources – among them Norwegian gas or liquefied natural gas (LNG) from the global markets – at competitive prices.

"This is an important first step to diversify Ukraine's sources of gas supply and contributes to greater energy security in Eastern Europe and the EU as a whole," European Commission President Jose Manuel Barroso was quoted as saying in the report.

The European Commission also noted that Ukraine, as a member of the Energy Community Ukraine, would ensure the approximation of the Ukrainian legal and regulatory framework, which is a prerequisite for higher investor's confidence and could lead to a better use of Ukraine's immense gas infrastructure, for example as regards storage capacity.

According to EU Energy Commissioner Gunther Oettinger, today's agreement "marks a milestone" and "is a first step for gas flows from Slovakia to Ukraine and strengthens the ties between the EU's energy market and Ukraine."

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