Ukraine to create stabilization energy fund worth $1 bln in 2015 – Cabinet

16:58, 06.07.2015 1 min read

Ukraine will create a stabilization (reserve) energy fund worth $1 billion in 2015.

The corresponding decision is stipulated in government decree No. 459 of June 24, 2015.

"Setting up the stabilization (reserve) energy fund is carried out by PJSC Naftogaz Ukrainy according to the contracts signed with foreign creditors, under state guarantees on the basis of certain resolutions of the Cabinet of Ministers of Ukraine," reads a statement issued by the government.

Money from the reserve energy fund will be used by Naftogaz to purchase imported gas, services for connection and access to gas networks, and gas transportation and storage payments.

"Gas, bought at the expense of the stabilization energy fund, is stored in the underground gas storage facilities of PJSC Ukrtransgaz and used by Naftogaz on the basis of certain resolutions of the Cabinet of Ministers of Ukraine," reads the report.