International Energy Group Burisma took part in an informal meeting held by the U.S.-Ukraine Business Council (USUBC) with the new U.S. Ambassador in Ukraine Marie Yovanovitch. Many of the largest private companies working with U.S. investments and technology in Ukraine were invited to attend the meeting.
The Ukrainian oil and gas sector was represented by Burisma Group, largest independent gas producer in the country. Advisor to the Board of Directors at Burisma, Vadym Pozharskyi, spoke on behalf of Burisma Group at the meeting with Ambassador Yovanovitch.
The U.S.-Ukraine Business Council is the largest country specific business trade association for Ukraine not headquartered inside Ukraine. USUBC brings together more than 200 large investors and is a voice of business in talks with the U.S. government.
“For more than 20 years, the U.S.-Ukraine Business Council (USUBC) has served as a bridge between the Ukrainian government, American businesses operating in Ukraine, the US Administration and international financial institutions. We are pleased that meetings with the US Embassy and the largest Ukrainian companies have become frequent and instrumental in the development of Ukraine’s energy independence strategy,” USUBC President Morgan Williams said.
The United States and USUBC have always supported Ukraine’s aspirations to build a powerful independent gas sector that can ensure energy security on the European continent. The largest independent gas producer in the country, International Energy Group Burisma is working to trigger a gradual implementation of the strategy in Ukraine.
U.S. Ambassador Marie Yovanovitch drew attention to the history of the strong strategic relations between Ukraine and the United States, maintaining close cooperation between the countries regardless of the economic and political situation, and reiterating continuous U.S. support for the country. A particular focus was placed on the energy sector and the need for strengthening Ukraine’s energy security and independence and the long-run possibility of Ukraine being in a position to export gas to Europe.
As noted during the meeting cooperation between American and Ukrainian businesses is expanding and Burisma, as an independent gas producer, serves as a vivid example of this progress.
According to Vadym Pozharskyi, Advisor to the Board of Directors at Burisma, Burisma, in 2016, signed two major infrastructure agreements with U.S. private gas companies. In July, National Oilwell Varco (NOV) successfully passed a comprehensive due diligence of Burisma Group companies, establishing cooperation both in Ukraine and abroad.
Based in Houston (USA), NOV is one of the oldest publicly traded companies in the world among oil and gas service companies and the largest producer of oil and gas equipment. Cooperation with NOV will allow the use of the state-of-the art oil & gas equipment in Ukraine, making Burisma a key provider of latest technologies in natural gas production in the country.
Burisma also started cooperation with another US company, Dawson Geophysical, in geophysical research and seismic exploration, contributing to the field exploration and natural gas production in Ukraine. The equipment will be serviced by American specialists.
“Deregulation of business processes, open dialogue with state authorities, as well as predictable actions from the government and the Parliament are needed to improve the investment climate and guarantee energy security in the country. These are the very changes that helped attract US investments and technology in Ukrainian gas production. By the end of 2016, the Group plans to produce 1.5-1.8 bln. cubic meters of gas, whereas tax payments to the state budget are expected to exceed UAH 2 bln.”, noted Vadym Pozharskyi.
He also outlined the problems that have been a drag on the oil and gas industry and Ukraine’s full gas independence. It is expected that with the potential assistance of the U.S. Embassy a specifically designated task groups will be created to address most acute issues affecting the Ukrainian independent energy sector.
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