Minister of Energy and Environmental Protection Oleksiy Orzhel met with Jean-Erik de Zagon, Head of the EIB Resident Representation for Ukraine. The meeting was held to discuss issues related to energy projects financed by the EIB, unbundling of the Naftogaz of Ukraine, gas transit, key areas of work in energy efficiency and prospects of introduction of the green bond market.

The Minister expressed gratitude to the EIB for supporting critical for the energy sector projects and reforms, as well as informed about the key priorities in the reform of the energy and environmental sectors envisaged by the Government's Action Program.

In particular, those include activities aimed to overcome energy poverty and increase the energy efficiency of the economy, conservation of natural resources, create proper conditions for Ukrainian consumers and businesses to pay a fair price for getting high-quality energy resources, ensure Ukrainian consumers to have uninterrupted and secure access to use of energy resources.

"The Ministry will focus considerable attention on energy efficiency, environmental conservation, the use of renewable energy sources and the implementation of measures to prevent climate change," the Minister stressed.

Apart from that, he accentuated that the course towards integration of the Ukrainian energy grid into the European energy network ENTSO-E (European Network of Transmission System Operators for Electricity) and European energy markets will be preserved, thereby enabling to enhance our country's energy security. At that, he drew attention to the need for a periodic revision of Ukraine's Energy Strategy, taking into account new challenges and priorities for environmental protection.

Oleksiy Orzhel noted Ukraine's progress in addressing key reform issues, in particular with regard to Naftogaz of Ukraine unbundling, the completion of which is one of the Government's top priorities, as well as the reform of State enterprise NEC Ukrenerho and certification as an independent European system operator.

The participants of the meeting discussed the state of implementation of joint investment projects with the EIB. Currently, the Ministry engages in the implementation of the following two investment projects: "Rehabilitation of hydroelectric power plants" and "Reconstruction, major repairs and technical re-equipment of the gas pipeline "Urengoy - Pomary - Uzhhorod", with the loan amounting to 350 million euros.

The prospect of further cooperation with international financial organizations is the preparation of priority investment projects in the energy sector, which by their size and importance can be considered national projects. This is, in particular, the rehabilitation of hydroelectric power plants (turn III); increase of capacity of Kakhovka hydroelectric power station and construction of Kaniv hydroelectric power station and Tashlyk hydroelectric power station.

On the outcomes of the meeting, the parties expressed their hope for further cooperation.