11:31 16.12.2014

Ukraine GTS can compensate for cancelled South Stream pipeline

1 min read
Ukraine GTS can compensate for cancelled South Stream pipeline

The active use of the Ukrainian gas transport system (GTS) will allow countries in southeastern Europe to increase energy security, and will compensate for the cancellation of the South Stream gas pipeline project, the national joint-stock company Naftogaz Ukrainy has said.

"We welcome the creation of a high-level working group by southeastern European countries with the participation of Vice President of the European Commission Maros Sefcovic, which will draw up a plan on integrating markets and building interconnecting pipelines for Central and Eastern Europe. Ukraine has big opportunities for storing and transiting gas, required to improve the situation, and we're glad to make our contribution," the press service stated, citing Naftogaz Head Andriy Kobolev.

Naftogaz Ukrainy stated that the use of the main pipeline junction between Ukraine and Slovakia (via Velke Kapusany with four gas pipelines) to supply gas east and west would allow Romania, Bulgaria, Hungary and other Eastern European countries access to Western European gas (via existing Ukrainian gas transport system infrastructure).

Partners would also be able to build their own gas reserves held in underground storage facilities in Ukraine through favorable financial conditions (by buying gas at low 'summer' prices).

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