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France signed a contract on Ukrainian natural gas

The French company Engie agreed on gas transmission and storage with UkrTransGaz

30.Oct.16 2:54 AM
By Alesya Davydova


France signed a contract on Ukrainian natural gas

A French energy company Engie has signed an agreement with Ukrainian UkrTransGaz on natural gas transmission and storage, S&P Global Platts informs. Engie will become the first European energy company involved in Ukrainian wholesale gas market and the country’s economy. According to the framework contract Engie has the right to reserve transport and gas storage capacities in Ukraine. The agreement comes into power this winter.

"Engie is cementing its position as a pioneer on energy markets undergoing liberalization," Edouard Neviaski, CEO of Engie's Global Energy Management Business Unit, said. "By creating this subsidiary in Ukraine and signing the agreement with UkrTransGaz, Engie is showing that it is a long-term partner of the Ukrainian economy's financing and development. Engie wants to consolidate its position as benchmark midstreamer in Europe."

Two months ago Ukraine announced that the deadline for gas storage would be extended by two weeks – from October 15 to November 1. By the start of the high-demand season the government planned to accumulate 17 Bcm of natural gas.

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