French energy giant ENGIE pledges readiness to comprehensively contribute to the development of the oil and gas sector in Ukraine, including the creation of a flexible gas market. The relevant arrangements were made during the meeting of Prime Minister of Ukraine Volodymyr Groysman with ENGIE CEO Isabelle Kocher.

It should be noted that the French energy major ENGIE was the first western company to import commercial volumes of natural gas into Ukraine and currently provides up to 20% of such supplies. The Ukrainian market is one of the strategic ones for the company, and now the management of the energy giant is shaping opportunities for further cooperation with Kyiv on projects seek to increase gas production in the country.

«The oil and gas sphere was completely closed (for investors and partner companies) for a long time. After the state policy shift and introduction of new technological and innovative solutions, we were able to change the trend. At present, our task is to switch from a country-importer to an energy-independent country. We need to be more open, to change the regulatory system and to attract investment and technology», underscored the Prime Minister.

He praised the decision of the company to take part in the enhancement of the oil and gas complex in Ukraine and backed the opinion of the company's executive director that the issue of energy security encapsulates ensuring the production of state's own energy resources .

«We commend the ambitious reform plan offered by the Ukrainian government, first of all in the oil and gas sector», stressed Isabelle Kocher. «Our target is to increase local gas production, so that Ukraine could be able to become an exporter and supplier of gas. We are ready to provide staunchest support to your country on the path of reform».

Background

According to the prognoses of the Cabinet of Ministers, Ukraine can become an exporter of gas in 5 years. The explored gas reserves make not less than 1 trillion cubic meters, about 100 of those are active. From 2016, the Government is gradually implementing a policy aimed to increase its own fuel production. From the beginning of this year, the increase in production is 3.7%.