Ukrainian president signs law on gas transportation system reforming

Business & Economy September 08, 2014, 15:14

Under the document, the operatinal and technological control functions are transferred from the state company to an operator that must be approved by the Ministry of Energy and Coal Industry

KIEV, September 08. /ITAR-TASS/. Ukrainian President Petro Poroshenko signed a law on Monday on reforming of the national gas transportation system.

The parliament website said the document was returned with the president’s signature.

Under the document, the operatinal and technological control functions are transferred from the state company to an operator that must be approved by the Ministry of Energy and Coal Industry.

Operator companies must be those founded and owned only by the Ukrainian state or owned or belonging to residents from the European Union, the United States or the European Energy Community. In this case, the state’s share may not be less than 51%, with the rest to belong to other gas transportation system operators or members of the European network of operators.

The document also stipulates that underground gas storages will be controlled by a gas saving company owned, as in the first case, by Ukraine or jointly with other companies of residents from the United States, the EU or the European Energy Community.

The law is aimed at reforming the company Naftogaz of Ukraine and setting up other gas companies.

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