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17
November
2021

Ukraine offers Europe to create intl gas fund based on its own UGS – Energy Minister

KYIV. Nov 17 (Interfax-Ukraine) – Ukraine offers European partners to create a general international gas fund based on its own underground gas storage (UGS) facilities.

This is reported in a press release of the Energy Ministry on Wednesday, with reference to the performance of Energy Minister Herman Haluschenko during Talks Geopolitics online discussion organized by the European Policy Centre (EPC).

"Gas reserve must be formed, which will be stored in Ukrainian underground gas storage facilities, and the Fund’s participants will have access to the gas reserve in crisis situations," according to the proposal of Ukraine.

The creation of the Fund is provided within the Regional Energy Security Partnership, RESP proposed by Ukraine in the medium term.

The concept also provides for the provision of additional gas flows to the Baumgarten area on the Ukrainian route of the upcoming winter, as well as the development of commercially attractive conditions for gas supply from additional sources to the Baumgarten area, in particular, to fill backup storage facilities, in a longer-term period, the ministry said in a press release.

"We offered to provide additional gas flows to Europe. In addition, we are ready to provide a discount on the tariffs of the Gas Transmission System Operator of Ukraine (GTSOU). And we are confident that this is one of the effective methods for overcoming the energy crisis and gas deficit in European warehouses," Haluschenko said.

In his opinion, the union of the efforts of Ukraine and Europe will help "also create a flexible and convenient market for consumers, which will not be able to be the subject of manipulation."

The European Policy Centre is an independent non-profit analytical center, which is engaged in facilitating European integration by analyzing and debate and provides a platform for involving partners, stakeholders and citizens to form the EU policy and discussions about the future of Europe.

President of EPC is Honorary President of the European Council and former Minister of Belgium Herman Van Rompuy.