Burisma: Development of Domestic Gas Production is the Key to Ukraine’s Energy Independence and Energy Security

March 1, 2017

The government and businesses discuss ways to achieve energy independence of the country at the Ukrainian Energy Forum.

Over the next three years, gas production volumes in Ukraine can reach 27 billion cubic meters, as noted the Deputy Prime Minister of Ukraine Volodymyr Kistion at the 8th Energy Forum in Kyiv, organized by Adam Smith Conference with the support of Burisma.

The event brought together representatives of the governement, the Parliament and energy companies who addressed essential reforms and long-term strategy for the country’s energy sector.

“Regardless of internal and external challenges, Ukraine keeps following the way of profound and well-structured reforms in the energy sector. It is reflected not only in the need for Ukraine’s energy independence, but also in our aspirations for European integration”, noted the Deputy Prime Minister Vladimir Kistion.

One of the primary objectives for the next few years is to reduce dependence on imported gas.

“The government has taken a huge step forward replacing gas imported from Russia with gas imported from Europe. But either way, it is still imported. We believe that the key to country’s energy security is development of domestic gas production. Our company does its best to help reach this objective”, said the Director for international cooperation and strategic development of BURISMA GROUP Vadym Pozharskyi.

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Over the past two years, BURISMA GROUP companies paid more than UAH 5 billion of taxes to the state budget. The company is one of top Ukraine’s taxpayers. This year, BURISMA is going to invest UAH 3 billion in the development of gas production and increase volumes of domestic gas output.

The European energy community reacted positively to the reforms.

“The law on gas market adopted last year managed to alleviate existing restrictions not for the entire market but for its most important part. Moreover, some legislative acts that were adopted still require some modifications or improvements”, admitted Director of the Secretariat of the European Energy Community.

The three-day Forum is aimed at establishing an effective dialogue between the government, the Parliament and businesses in order to implement the strategy of energy independence.