Ukraine to keep western companies out of gas industry

17:51 • 25.07.14
Economy

Ukraine’s parliament has rejected allowing EU and US companies to buy up to 49 percent of oil and gas company Naftogaz, and also said they were against liquidating the national energy monopoly, Russia Today reports.


Kiev rejected splitting the company in two, a measure encouraged by the West in order for Naftogaz to comply with Europe’s third energy package, which doesn’t allow one single company to both produce and transport oil and gas.


The bill proposed creating two new joint stock companies in order to conform to the package, “Ukraine's Main Gas Transmission” and “Ukraine's Underground Storages.”


The proposal sought to meet the requirements of EU legislation and strengthen Ukraine’s energy independence.


Earlier in July, the Ukrainian parliament passed a first reading of the bill that would have allowed Western companies up to a 49 percent of Ukraine’s Gas Transportation System (GTS).


There had been rumors the state would sell off at least 15 percent of Naftogaz in a public offering, however, the conditions in Ukraine’s capital and equity market aren’t strong enough to get a high enough price.


The changes was rejected because of the large monopoly and influence Naftogaz has over the Ukrainian market, the country's political scientist Alexander Ohrimenko, told Russian business daily RBC. 

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