16:03 11.07.2018

Ukraine should and is able to increase its own gas production to 4-6% - Fuchs

2 min read

Ukrainian businessman Pavel Fuchs notes that our country should and is able to increase its own gas production to 4-6%, which will be the way to energy independence. He wrote about this in Telegram.

"Proven natural gas reserves in Ukraine are estimated at 1.1 trillion cubic meters - the second place in Europe after Norway, according to updated data from the authoritative profile annual survey of the BP Statistical Review of World Energy 2018. Just think about what Ukraine has potential!" "Fuchs noted, stressing that currently the annual production is less than 2% of gas reserves.

Pavel Fuchs noted that among the positive moments in the gas industry is the active work on the introduction of oil and gas auctions and the start of the Energy Trading Platform scheduled on August 1, which will allow switching from a monthly to a daily pricing model. According to the law on the natural gas market, from August 1, all market entities must move from monthly to daily balancing. In Europe, the price of gas is formed daily (changing hourly or every minute). In Ukraine now - once a month.

"I am sincerely glad that Ukraine will finally work according to European standards and will come closer to becoming competitive.This will allow players of the gas market to conclude deals in terms understandable to all participants, and the state to attract foreign investments into the industry. prices for natural gas both for the population and for industrial consumers, "stressed businessman Pavel Fuchs.

July 4 in Kiev presented the Energy Trading Platform, which will smoothly move from a monthly to a daily pricing model. Thanks to this, all players of the Ukrainian gas market will be able to conclude transparent transactions on clear exchange terms.

Earlier, the co-chairman of the European Business Association, Maxim Sysoev, said that the Energy Platform, which will allow smooth transition from a monthly to a daily pricing model, should be fully made in August.

Chairman of the Exchange Committee of the Ukrainian Energy Exchange Alexei Dubovsky said that the Naftogaz of Ukraine and Ukrtransgaz rely on on the launch of the Energy Trading Platform, which complies with the Gas Transportation System Code (GTS).

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