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EBRD to invest repair of Urengoi-Pomary-Uzhgorod in pipe case of Neftegaz reform

March 16, 2012, 20:16 UTC+3
The bank stated the impossibility to continue financing the project before the reform in the oil and gas sector started, he said
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KIEV, March 16 (Itar-Tass) —— The European Bank for Reconstruction and Development (EBRD) will assign funds for the repair of the Urengoi-Pomary-Uzhgorod gas pipeline in the case of the Neftegaz Ukrainy reform, Deputy Minister of Fuel and Energy Vladimir Makukha told the parliament members on Friday, commenting on the government’s draft law on the reform of the oil and gas sector.

“The implementation of the first pilot project for the Urengoi-Pomary-Uzhgorod gas pipeline modernisation with the EBRD participation has been suspended de facto,” the deputy minister said.

The bank stated the impossibility to continue financing the project before the reform in the oil and gas sector started, he said. “The goal of the aforesaid draft is to bring the Ukrainian energy legislation in accordance with the European,” Makukha said.

Now, Neftegaz Ukrainy even cannot dispose of its non-core assets, the deputy minister said.

In his words, the government is ready to adopt the opposition-proposed alternative law, which envisages restructuring of oil and gas enterprises, but prohibits their privatisation.

In July 2011, Ukraine launched the nine-year project for the Urengoi-Pomary-Uzhgorod gas pipeline modernisation. The first stage of the project is expected to be complete within three years. Investments in the first stage are estimated at over 538 million U.S. dollars. The share of the Neftegaz Ukrainy company in the funding of the project is 230 million U.S. dollars, while 308 million U.S. dollars will be assigned by the EBRD (loans) and the European Investment Bank.

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