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Embracing Investment Opportunities For A New Energy Future

German Galushchenko
Minister of Energy of Ukraine

Ukraine is on its way towards EU integration, systematically implementing European standards into all state functioning areas. The energy sector is no exception: we have already made significant progress towards European integration in the electricity and gas sectors. Our strategic goal is a complete visa-free energy regime with Europe. This will allow to conceptually change the basics of electricity security in Ukraine and in Europe.

Even now, Ukraine plays a significant role in the European energy landscape, as we form a part of the energy security of the entire continent, and the development of production and use of our own energy resources is one of the ways to strengthen it.

Ukraine has a huge investment potential in the field of gas production and ranks second among European countries: according to the latest estimates of the BP Statistical Review of World Energy, more than 1.1 trillion cubic metres of natural gas reserves are concentrated in our country.

Today, Ukraine produces only 2.4% of natural gas per year from total reserves. These are significant opportunities for domestic and foreign investors to intensify natural gas production and fully realise the economic potential of the industry.

We are interested in the rapid development of new technologies, in combining efforts to provide the economy with energy resource, increase energy efficiency and strengthen energy security of Ukraine and across the region.

The Ukrainian Gas Investment Congress is a great opportunity to unite world leaders in the energy sector within a single platform to form a common vision of the future gas sector, identify common interests and mutually beneficial forms of cooperation.

Yuriy Vitrenko
CEO, Naftogaz of Ukraine

Europe and the entire world have entered an historical phase of energy transition. The substitution of energy sources requires updated economic models and the development of entire national energy strategies. We need to completely rethink the way we approach energy issues altogether.

Transformations on this global scale demand clear coordination at the highest levels. Today’s world needs aligned actions that can guarantee a transition offering both sustainability and security for countries and individal consumers alike.

As a national energy company, Naftogaz Group is committed to the state’s energy security. As one of the largest energy companies in Eastern Europe, it is ready to assume a leading role in meeting the region’s energy needs.

Ukraine has huge hydrogen development potential, and we strive to become a driver behind the development of this potential. Ukraine’s robust infrastructure and geographical location allow us to talk about potentially large volumes of hydrogen exports to European markets.

During the transition period, Naftogaz focuses on producing gas as the most environmentally friendly fossil fuel. Currently, we are one of the largest gas producers in Europe with annual production of 14 bcm. Naftogaz has gas assets that will allow for an increase of reserves to 600 bcm.

Exploration and development of new areas in the Black Sea along with unconventional and deep gas deposits feature in our plans for the coming years. Implementation of these plans requires an estimated investment of over USD 20 billion in the next 10 years.

This will also need innovation and mature technologies. We are open to partnerships to deliver new projects with the best possible results.

As the initiator of the Ukraine Gas Investment Congress, Naftogaz participates in creating a platform for efficient cooperation, searching for new concepts and solutions, and joint actions for reliable and safe energy.