Energy Ministry submits project of Naftogaz restructuring to EU

The Ministry of Energy and Coal Industry of Ukraine in the framework of the restructuring and de-monopolization of the national gas market has submitted to the Secretariat of the European Energy Community a modified model of restructuring of the state`s largest energy holding Naftogaz of Ukraine, taking into account the requirements of European legislation, according to the press service of the ministry.
Restructuring of Naftogaz is one of the key reforms in Ukraine`s energy sector, said the Energy Minister, Ihor Nasalik, during a meeting with the Director of the Secretariat, Janez Kopacz.
”On Saturday we submitted to the Secretariat a modified model of Naftogaz restructuring based on the conclusions that have been made during the hearing in Vienna on March 14 of this year,” the press service quoted Nasalik as saying. ”We look forward to a rapid assessment of the proposed model for compliance with the European legislation. We are committed to de-monopolization of the market and the creation of preconditions for the arrival of new players, while vertical integration which, of course, will have the largest capitalization, has a negative impact on market competition.”
Nasalik did not disclose details of the submitted model, but noted that Ukraine would also fulfill other commitments to the Energy Community. In this context, Nasalik recalled that the government has already submitted to Parliament the revised draft of the Electricity Market Law. ”We consider such measures and actions as part of enhancing Ukraine`s energy security. The reform, in particular in the Ukrainian gas sector, will eventually allow integrating it into the common European energy space,” the minister said.
Earlier, Nasalik already stated that he considered the reform of Naftogaz, the formation of a transparent electricity market and coal market his key task in office.
UNIAN memo. Naftogaz of Ukraine is Ukraine`s largest state-owned vertically integrated oil company, which produces about 90% of the total amount of oil and gas in Ukraine. It develops fields, produces oil and gas, deals with logistics and sales of petroleum products through its own network of gas stations.
In December 2015, the Cabinet of Ministers of Ukraine as part of the reform of NJSC Naftogaz of Ukraine`s management adopted a new company statute giving 100% of state-owned shares under the management of the Ministry of Economic Development and Trade of Ukraine.

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