Tuesday, July 07, 2015

Ukraine sets up energy emergency fund

The Ukrainian government on Monday announced establishment of an emergency fund of 1 billion U.S. dollars, with the purpose of enhancing the country's energy security, said the Cabinet's press service.

The fund, which will be managed by Ukraine's national energy firm Naftogaz, would also be used to raise money from foreign private lenders, with the Ukrainian government as the credit guarantee, said the announcement.

According to the announcement, the money raised with the fund will be used to purchase natural gas from abroad and to cover the country's gas needs in case of emergencies in the energy sector.

Ukraine suspended gas imports from Russia as EU-brokered talks in Vienna, Austria, failed to produce an agreement on pricing last week.

Currently, Kiev purchases gas on the European spot market at a price of about 250 dollars per 1,000 cubic meters.

  Xinhua - china.org.cn

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