Ukraine`s Prime Minister Volodymyr Groysman has announced the Government`s plans to stimulate domestic natural gas production in Ukraine and set up an energy efficiency fund with the budget of UAH 3.5-4 billion, as provided for in the 2017 draft budget, with the view of making Ukraine fully self-sufficient in the energy sector within four to five years.
”Our efforts will help boost gas extraction. We will ramp up production to become completely energy independent in four to five years. We will not be purchasing gas abroad for hard currency … which will significantly enhance our energy security and our competitiveness in foreign markets,” Groysman said during the presentation of the draft state budget of Ukraine for 2017.
”We need to ensure the energy-efficient use of resources. Creating the energy efficiency fund [the adoption of a relevant law by the Ukrainian parliament] will allow us to introduce a transparent and effective mechanism to achieve energy efficiency goals … UAH 800 million in budget funds will be allocated, and Ukraine will also be able to attract an additional EUR 100 million. In fact, we can expect that UAH 3.5-4 billion will be raised for the establishment of the energy efficiency fund,” Groysman said.