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The Ministry of Energy is leveraging Ukraine’s diplomatic ties to find private investment funds to finance drilling and attract technological partners. During an energy forum in Azerbaijan, government representatives promoted Ukraine’s potential as a shale hub. Specific geological zones for the implementation of fracking technology were announced mostly in the western regions: Lviv-Lublin (on the Ukrainian-Polish border) and the Oleska shale block, whose reserves are estimated at 0.8 to 1.5 trillion cubic meters of gas. Ukraine has already conducted experimental

More than 10 billion cubic meters of gas have already been stored in Ukrainian underground storage facilities in preparation for the heating season. This pace of gas accumulation makes it possible to optimistically predict the implementation of the government’s plan, namely 13.2 billion cubic meters by November 1. Since the beginning of the season, Ukraine has pumped more than 2.5 billion cubic meters of blue fuel. Chairman of the Board of Naftogaz, Oleksiy Chernyshov, stated: “Since the first day of

The Energy Institute (EI) has released its annual World Energy Statistical Review, which for the first time presents comprehensive global energy data for 2023. The analysis showed that: Total primary energy consumption reached an all-time high, increasing by 2% compared to 2022. Fossil fuel consumption also rose a record 1.5%, with coal consumption up 1.6% and oil up 2%, while gas consumption was unchanged. These resources accounted for 81.5% of total consumption (82% in 2022). Renewable energy production (excluding hydropower)

Ukraine expects a jump in natural gas flow from the EU as traders are interested in its spare storage capacity to stockpile fuel for the coming winter. With European inventories already fuller than usual, market players are looking at Ukraine as a risky destination but one with huge storage sites and lower fees. In the nation’s network capacity bookings that traders are making to ship fuel into Ukraine are expected to rise in the third quarter. Bookings made with European

The gas price at Europe’s largest TTF hub in the Netherlands fell to €45.4 per MWh (about $481 per thousand cubic meters), the lowest level since August 2021, tradingeconomics data showed. In February, gas prices in Europe fell by 18.6%. The price decline continues for the third consecutive month, and it is the most prolonged period of sustained price decline since 2020. The downward trend is the result of record volumes of liquefied natural gas imports from the US, the

European natural gas prices fell after Russia said units from the Western and Southern Military Districts would return to their bases after the exercise. In addition, Bloomberg reported that Putin promised the German chancellor an increase in energy supplies. The March TTF contract opened at $925 on ICE Futures on Tuesday. After the statements by the Russian Ministry of Defense about the troop movements, prices began to decline, and have now reached $883 per thousand cubic meters. Core European gas

According to ICE, at the opening of the auction, gas prices in Europe rose by 11% and exceeded the mark of $1,100 per thousand cubic meters, according to ICE. On Friday morning, the cost of a thousand cubic meters at one point reached $1,143, and later this day was around $1,088. According to Gas Infrastructure Europe, an industry association, European gas reserves fell below the critical mark of 50% – to 49.33%. According to Bloomberg, electricity prices in France and

The price of January futures reached €122 per MWh. The natural gas price index TTF evidence this on the ICE Futures exchange. In November, the day-ahead contract traded at TTF for an average of $945 and $1153 per thousand cubic meters in December. Since the beginning of the year, the average contract has reached $515.

writing off $830 million in long overdue debts with private gas distributors; the 2019 ‘unbundling’ that shifted revenues from Russian gas transit outside the Naftogaz group; and “record low prices” of gas. In December 2019, Naftogaz made a wrong way bet on European natural gas prices, which then plummeted by almost two thirds in the first quarter of 2020, to the lowest level in a decade. In April, Andriy Favorov, the company’s director of gas sales, was fired.

Drivers spent an unnecessary 207 hours in rush hour traffic last year, TomTom reports, detailing Kyiv’s traffic patterns. Congestion adds an extra 25 minutes to morning commutes and an extra 29 minutes to evening commutes. Last year, December was the most congested month and Friday, Dec. 18 was the worst day of the year to be behind the wheel. Of no surprise to drivers, the satellites report the worst times to drive in Kyiv are at 8 am and 6

With European natural gas prices rising to the highest level in two years, Ukraine will cut and cap gas prices from Feb. 1 until the end of the heating season, usually early April. With prices expected to be cut by about 30%, President Zelenskiy said on his website: “Market prices are too high today, especially given the pandemic.”

Odesa region plans to build 400 km of bicycle paths in coming years, Ukravtodor writes on Telegram. Two priority sections are along the Black Sea: from Chernomorsk to Sanzhiika and from Shabo to Kurortne. The state highway agency writes: “In the Odessa region, bike paths can be an additional incentive for tourism development.”

The price freeze reverses a gas market liberalization process long advocated by the IMF. Coming as the IMF is conducting a remote review of Ukraine, this measure is expected to delay any agreement on a new tranche. Timothy Ash writes from London: “[I] cannot see the IMF buying this…I think Ukraine’s old corrupt elites are once again using the gas price card to scupper the IMF program.”

In another cloud over the IMF deal, Dmytro Sologub, a 5-year veteran member of the board of the National Bank of Ukraine, tells Bloomberg that summer’s shakeup of the central bank leadership may delay the next tranche from last June’s $5 billion IMF loan to Ukraine. In an interview headlined, “Ukrainian Central Banker Warns Revamp Risks ‘Substantial’ Damage,” Sologub says: “Cracks in the bank’s collegial decision-making system and, honestly, a lack of professionalism in some positions, may lead to substantial

The Finance Ministry kept interest rates unchanged at Tuesday’s weekly auction, selling $319 million worth of bonds, almost the same amount as the prior week. Of the total $48 million of 1-year dollar bonds carried a yield of 3.8%, the Ministry reported on Facebook. Of the 7.5 billion worth of hryvnia debt, 93% were for securities with maturities one year or less.

Dragon writes: “State-owned banks likely remained the major buyers of domestic bonds…With the 2021 budget deficit target set at 5.5% of GDP, the government’s borrowing needs will remain high this year, keeping it reliant on cooperation with the IMF.”

Sixteen foreign companies have registered interest in Ukraine’s first big privatization of this year – the sale of a state company that mines and enriches titanium ore in Zhytomyr and Dnipropetrovsk regions. Scheduled to take place by the end of March, the online auction of United Mining and Chemical Company is expected to draw bids of at least $150 million, State Property Fund officials told reporters yesterday. The company produces ilmenite, the main source of titanium dioxide, which is used

Increasing the company’s attractiveness, new management increased profits six-fold last year to $21 million and announced last month a doubling of reserves of titanium-bearing ore sands at the Vilnohirsk Plant, in Dnipropetrovsk. Decreasing attractiveness, men opposed to privatization have burned a company manager’s car, conducted ‘searches’ of company offices, and opened 10 hopper cars filled with ilmenite concentrate, destined for the US company Chemours, a DuPont spinoff.

Whittling away at Ukraine’s state property mountain, 1,899 privatization auctions were held in 2020, yielding $107 million for the budget, Dmitro Sennychenko, executive chairman of the State Property Fund, reported yesterday. With this month’s end of the suspension of ‘big’ privatizations, the Fund expect to present to investors for sale this year the Odesa Port Plant and six regional power companies. Through the end of 2023, investors have the right to contracts drawn up under English law.

Foreigners who invest over $100,000 in companies they set up in Ukraine will be able to apply for an immigration permit, according to a resolution approved yesterday at the Cabinet of Ministers. Investments will have to be documented by bank transfers.