PM: Government is ready to let Norwegian companies invest in Ukrainian GTS

“If Norwegian companies representing the energy sector are ready to invest in Ukraine's gas transport system, the Ukraine’s Government is ready to submit a law to let not only European and US but also Norwegian companies directly invest in the Ukrainian gas transport system and underground storage facilities,” Prime Minister of Ukraine Arseniy Yatsenyuk emphasized at the Norwegian-Ukrainian business forum in Kyiv on Tuesday, on November 18.

The Norwegian-Ukrainian business forum has been held in the framework of the official visit of Norwegian Prime Minister Erna Solberg to Ukraine.

Arseniy Yatsenyuk has noted that this visit is "a strong signal of solidarity to the Ukrainian people," and stressed that the Government of Ukraine appreciates the support of Norway.

The Prime Minister of Ukraine has stressed the importance of cooperation between Ukrainian and Norwegian companies. He recalled that Ukraine had signed a free trade agreement with Norwegian partners, however, Arseniy Yatsenyuk is convinced that the level of mutual investments between Ukraine and Norway "could be much deeper."

According to Arseniy Yatsenyuk, energy is a major challenge, while it is one of the main stimulus for the Ukrainian economy, "We highly appreciate the level of bilateral cooperation between NJSC Naftogaz Ukrainy and Norwegian-based Statoil, which is a world leader in the supply of energy. The agreement signed last month is a clear sign of our commitment to the new energy policy, commitment to Ukraine regarding the implementation of the Third Energy Package as well as an excellent field for our cooperation."

The Prime Minister of Ukraine reminded that the Ukrainian parliament had adopted the law submitted by the Government allowing companies from the EU and US to invest in upgrading and operation of the Ukrainian gas transportation system, “If Norwegian companies representing the energy sector are ready to invest in Ukraine's gas transport system, the Ukraine’s Government is ready to submit a law to let not only European and US but also Norwegian companies directly invest in the Ukrainian gas transport system and underground storage facilities,” (Norway is not an EU member. - Ed.).

“The experience we gained in cooperation with Statoil is very important and positive. We expect that Norwegian companies will be partners and investors in the energy sector,” Arseniy Yatsenyuk added.

He has also stressed that “can be one of the key projects in Europe", Baltic pipeline, is important to Ukraine, "If you restore this project, and the Norwegian company along with our Polish friends build this pipeline (its capacity is up to 8 billion cubic meters of Norwegian gas to Poland and, in fact, to Ukraine), it can drastically positively diversify energy supplies to Ukraine and increase our energy independence.”

The second stimulus of the Ukrainian economy and a field for Ukrainian-Norwegian cooperation, according to Arseniy Yatsenyuk, is agriculture, "We are pleased to see the Norwegian business in the Ukrainian agrarian sector and we also see new ways of cooperation and business activity in this sector."

According to him, the Ukrainian agricultural sector is the only branch of the economy that showed a 16% upward trend.

“Another positive piece of news is that Ukraine has risen in the ranking of Doing Business by six positions. We expected approximately a 10% drop in GDP, but it may be up to 7%,” the Prime Minister added.

He has stressed that the war “is the main obstacle on our way towards more stable, prosperous and attractive Ukrainian economy,”: “Russia, which unleashed a war with Ukraine, does not adhere to the Minsk agreements. A cease-fire regime, we tried to establish a number of times, has been always disrupted by the terrorists led by Russia,” Arseniy Yatsenyuk underlined.

“It's difficult to attract international investors when there have already been terrorists led by Russia and Russian tanks on the Ukrainian territory. However, this Forum shows that it is possible,” he said.

“We are facing a range of challenges and problems, but to improve the economy and implement a real change for Ukrainian society and the Ukrainian people - a priority for the current Government, and I’m convinced that for the next Government as well,” Arseniy Yatsenyuk emphasized.

He has reminded that coalition talks are lasting: “We believe that a coalition agreement will be signed as soon as possible, and the new Government will make every effort to stabilize the economy, to fulfill all the requirements set by the IMF, World Bank and other international financial institutions. A new Government must implement tough reforms that we have already started six months ago, and pave the way for economic stability, which we expect to achieve in 2016.”

“We have a comprehensive agenda, ambitious plans, but I want to stress again that the key problem on this way is the war. We call and ask the Western world to be united, strong and act together against Russian aggression. This concerns not only Ukraine. This applies to the global order and international law, which has been flagrantly violated by Russia and the Russian president,” Arseniy Yatsenyuk emphasized.

“We must do our utmost to stop this war, get peace in Ukraine, so that our peoples were prosperous, happy, sustainable and not afraid of war or other threats,” the Prime Minister added.