Ukraine offers Europe to create gas fund

Kyiv has offered European partners to create a gas fund to form special gas reserves and hedge price volatility, Report informs, citing a website of the Ukrainian Energy Ministry.

"Ukraine proposed to Europe to jointly create new instruments that would eliminate the possibility of blackmail and manipulation in the energy market. Such instruments will provide diversification of energy supplies, including gas, and reliable conditions for maneuvering," the press service quotes a statement by Yaroslav Demchenkov, Ukrainian Deputy Energy Minister in charge of EU integration, international affairs, investment, energy efficiency and saving, scientific, technical and innovation policies, telling an international forum on infrastructure and transport.

The deputy minister stressed that it is now important to ensure the full integration of the Ukrainian energy markets with the European ones.

“The gas transportation system of Ukraine is the only reliable route that is not controlled by Gazprom. Replacing this route could lead to gas shortages in countries south and east of the hub in Baumgarten (Italy, Austria, Slovakia, Ukraine, Poland and the Balkan countries). Therefore, we offered our European partners to set up a gas fund for the formation of special gas reserves and hedging price volatility through access to gas reserves," said Y. Demchenkov.