economyofukraine

Friday, November 27

Driving the urgency are record numbers. Driving the urgency are record numbers. Yesterday, the reported daily toll of new infections hit 15,331 and the daily death toll hit 225. New infections in Kyiv yesterday hit 1,399. The Health Ministr...

The Finance Ministry says it has reached agreement with the IMF on the size of Ukraine’s 2021 budget deficit. The Finance Ministry says it has reached agreement with the IMF on the size of Ukraine’s 2021 budget deficit. By postponing an increase in the minimum wage to the end of next year and taking other mea...

Ukraine has only received half of $6 billion international funding expected for this year Ukraine has only received half of $6 billion international funding expected for this year, Finance Minister Serhiy Marchenko said last night on the Right to Power talk show. Alluding to foot dragging ...

President Zelenskiy is about to sign a bill that would provide state guarantees for ‘green bonds’ to help pay Ukrenergo’s overdue debt to solar and wind producers President Zelenskiy is about to sign a bill that would provide state guarantees for ‘green bonds’ to help pay Ukrenergo’s overdue debt to solar and wind producers, Acting Energy Minister Yuriy Boyko t...

The government plans to close about half of the nation’s 33 state-owned coal mines during this decade The government plans to close about half of the nation’s 33 state-owned coal mines during this decade, Deputy Energy Minister Maxim Nemchinov said yesterday at the presentation of a presentation of th...

Ukrzaliznytsia has approved a framework agreement to allow private locomotives to operate on UZ tracks. Ukrzaliznytsia has approved a framework agreement to allow private locomotives to operate on UZ tracks. The signing of the first contract with a company, Ukrainian Locomotive Construction Company LLC,...

The Digital Transformation Ministry has set these targets for extending high speed mobile internet across the country: The Digital Transformation Ministry has set these targets for extending high speed mobile internet across the country: accessible to 90% of the population by July 1, 2021; all international highways b...

For rail travel, Vodaphone Ukraine is conducting a pilot project with the 35 km Boryspil Airport Express to determine cost for high speed internet coverage on Ukraine’s main rail lines. For rail travel, Vodaphone Ukraine is conducting a pilot project with the 35 km Boryspil Airport Express to determine cost for high speed internet coverage on Ukraine’s main rail lines. With about 10,...

With domestic tourism the trend, Ukrzaliznytsia seeks to win at least half of all tourists, luring them out of cars and buses. With domestic tourism the trend, Ukrzaliznytsia seeks to win at least half of all tourists, luring them out of cars and buses. To attract riders, the state railroad has reduced prices of first class t...

Thursday, November 26

“Joe Biden Is Unlikely to Save Angela Merkel’s Pet Project,” headlines a Bloomberg article yesterday about the $11 billion, 1,239 km Russia-German Baltic Sea gas line. “Joe Biden Is Unlikely to Save Angela Merkel’s Pet Project,” headlines a Bloomberg article yesterday about the $11 billion, 1,239 km Russia-German Baltic Sea gas line. “U.S. opposition is likely to re...

Democrats should not go wobbly on Nord Stream 2, The Wall Street Journal warns in an editorial: Democrats should not go wobbly on Nord Stream 2, The Wall Street Journal warns in an editorial: “Congress shouldn’t back off Russia sanctions in the annual defense bill.” “The incoming Democratic Admi...

The US Congress is targeting insurance companies in the latest strategy to stop the pipeline The US Congress is targeting insurance companies in the latest strategy to stop the pipeline, Bloomberg reports from Washington. “House and Senate negotiators agreed to target insurers and technical c...

In advance of passage, US officials already are contacting companies to warn they may face sanctions In advance of passage, US officials already are contacting companies to warn they may face sanctions, DPA reports from Washington. “We’re in the process of calling a number of these companies to make ...

Rozetka.ua Rozetka.ua, Ukraine’s largest online store is seeing record number of visitors to their site – 5.6 million on Tuesday. With the retailer’s ‘Black Friday’ sales going on all week, Vladyslav Chechotkin,...

The American Chamber of Commerce in Ukraine has presented its annual Thanksgiving Awards to Mykhailo Fedorov, Digital Transformation Minister, and to Paul Niland, founder of Lifeline Ukraine The American Chamber of Commerce in Ukraine has presented its annual Thanksgiving Awards to Mykhailo Fedorov, Digital Transformation Minister, and to Paul Niland, founder of Lifeline Ukraine, a nation...

The government yesterday granted Naftogaz the right to develop a massive Black Sea gas block without a tender. The government yesterday granted Naftogaz the right to develop a massive Black Sea gas block without a tender. The Dolphin block, near Ukraine’s portion of the Danube river delta, is believed to hold ...

Seismic work could involve $40 million of investments in the first year, Seismic work could involve $40 million of investments in the first year, Naftogaz said on Facebook. “This means the possibility of attracting international investors, and at the same time – on t...

Last year, an American company, Trident Acquisitions, won a competitive tender to develop the offshore block Last year, an American company, Trident Acquisitions, won a competitive tender to develop the offshore block. The incoming Zelenskiy government refused to accept the results of this ‘Poroshenko tender...

Ukraine has become a key player in the EU natural gas market, storing 10 billion cubic meters of gas this fall for gas traders. Ukraine has become a key player in the EU natural gas market, storing 10 billion cubic meters of gas this fall for gas traders. With the European heating starting last month, Ukraine, for the first ti...

Europe’s Green Deal commitment to renewables, hydrogen and decarbonizing energy sources “means that between 2030 and 2040 Europe’s Green Deal commitment to renewables, hydrogen and decarbonizing energy sources “means that between 2030 and 2040, Europe may see a radical drop in demand for natural gas,” Andrian Prokip, wro...

The EU ‘Hydrogen Strategy’ calls for dividing EU hydrogen production between the EU and its eastern neighbors. The EU ‘Hydrogen Strategy’ calls for dividing EU hydrogen production between the EU and its eastern neighbors. “This strategy stipulates that ‘the Eastern Neighborhood, in particular Ukraine, and the ...

In reaction, Gazprom and Rosatom, the nuclear corporation, recently signed a deal to hydrogen production in 2024 In reaction, Gazprom and Rosatom, the nuclear corporation, recently signed a deal to hydrogen production in 2024. Uniper, the German energy giant, says Nord Stream 2 could be repurposed to carry a ble...

Wednesday, November 25

The companies of Serhiy Tigipko’s TAS Group plan to issue about $70 million worth of bonds next year, about 95% in hryvnia, The companies of Serhiy Tigipko’s TAS Group plan to issue about $70 million worth of bonds next year, about 95% in hryvnia, Roman Gorokhovskikh, the Group’s international projects director, told the U...

Capital investment dropped 29% yoy, to $9.5 billion Capital investment dropped 29% yoy, to $9.5 billion, for the first three quarters of this year, reports the State Statistics Service. Self-financing by companies accounted for 69% of total capital inv...

The Israel-Ukraine Free Trade Agreement starts Jan.1 The Israel-Ukraine Free Trade Agreement starts Jan.1, President Zelenskiy tweeted yesterday. “The ‘green light’ to the growth of Ukrainian exports, closer cooperation in the fields of high-tech, engin...

Ernst & Young, is to prepare a tender for the concession to a private operator of the rail-ferry complex at Chornomorsk port Ernst & Young, is to prepare a tender for the concession to a private operator of the rail-ferry complex at Chornomorsk port, Infrastructure Minister Vladislav Krykliy announced yesterday. The ten...

Concession projects also are planned for parts of these ports: Concession projects also are planned for parts of these ports: Odesa on the Black Sea; Berdyansk and Mariupol on the Sea of Azov; and Izmail and Reni on the Danube. Three small, state-owned ports are ...

Over the next three years, the government plans to oversee investments in upgrades at 14 regional airports: Over the next three years, the government plans to oversee investments in upgrades at 14 regional airports: Cherkasy, Chernivtsi, Dnipro, Ivano-Frankivsk, Kherson, Kryvy Rih, Mykolaiv, Odesa, Poltava,...

Looking beyond coronavirus, a new Ukrainian airline, Bees Airline, plans to start service next month Looking beyond coronavirus, a new Ukrainian airline, Bees Airline, plans to start service next month, offering charter flights between Kyiv Sikorsky and Egypt’s coastal resort cities. Managed by Yevge...

SkyUp Airlines plans to start flights from Kyiv Boryspil next spring to Berlin Brandenburg Airport SkyUp Airlines plans to start flights from Kyiv Boryspil next spring to Berlin Brandenburg Airport. Opened one month ago, this new airport replaces Schönefeld, Tegel and Tempelhorf airports. On Dec. 2...

Poland has agreed to allocate 5,000 additional permits for Ukrainian trucks, Poland has agreed to allocate 5,000 additional permits for Ukrainian trucks, Minister Krikliy announced on his Telegram channel. Good through January 31, the offer comes after Ukraine charged that by ...

Ukraine will not receive any additional tranches of IMF low interest loans this year Ukraine will not receive any additional tranches of IMF low interest loans this year, Tymofiy Mylovanov, former Economy Minister and newly appointed advisor to the President’s office said Monday night...

Last summer’s purge of the Central Bank leadership and the court rulings that undermined Ukraine’s anti-corruption agencies apparently turned off the IMF. Last summer’s purge of the Central Bank leadership and the court rulings that undermined Ukraine’s anti-corruption agencies apparently turned off the IMF. Last month, the head of Britain’s M-I6 intell...

While the IMF awaits a positive resolution of the Constitutional Court standoff, Mylovanov said Ukraine could get an IMF “staff-level agreement.” While the IMF awaits a positive resolution of the Constitutional Court standoff, Mylovanov said Ukraine could get an IMF “staff-level agreement.” This could unlock billions in EU and World Bank aid as...

Adamant Capital wrote last night: “Key requirements seem to be some kind of progress on resurrecting the [National Anti-Corruption Bureau’s] powers and a balanced 2021 budget (deficit, in all probability, needs to be lower than the cu...

The The Finance Ministry jacked up interest rates yesterday and increase its sales of hryvnia bonds 30-fold, compared to the week earlier. By raising yields by one percentage point, to 10%, the Ministry s...

Tuesday, November 17

In Ukraine, a surge of renewable projects pushed production of electricity from solar, wind, biomass up by 120% In Ukraine, a surge of renewable projects pushed production of electricity from solar, wind, biomass up by 120% through August yoy, to 7.7 gigawatts, reports the Energy Ministry. Renewables share of n...

Despite the overdue power bill and cuts in solar rates of 10-15%, new solar projects continue to be commissioned across Ukraine: Despite the overdue power bill and cuts in solar rates of 10-15%, new solar projects continue to be commissioned across Ukraine:

In Kyiv, DTEK Grids has connected its first industrial size solar plant atop an apartment building. In Kyiv, DTEK Grids has connected its first industrial size solar plant atop an apartment building. Built by the Avrora Term Company the array atop a building in Troieshchyna has 1,200 solar panels an...

In Izmail, on the Danube, UDP Renewables puts into operation this month two stages of Gudzovka-Solar, a €21 million, 24.4 MW investment. In Izmail, on the Danube, UDP Renewables puts into operation this month two stages of Gudzovka-Solar, a €21 million, 24.4 MW investment. Mykola Tymoshchuk, CEO of UFuture, investor in UDP, says: “Desp...

In Zhytomyr region, Naftogaz starts producing and selling electricity this month from its new 33.3 MW plant at Chudniv. In Zhytomyr region, Naftogaz starts producing and selling electricity this month from its new 33.3 MW plant at Chudniv. Implemented by Naftogaz-Energoservice, the project is to be followed by more sol...

In Sumy region, Germany’s Nord Areal Energy GmbH has started construction of a 6 MW solar plant in In Sumy region, Germany’s Nord Areal Energy GmbH has started construction of a 6 MW solar plant in Trostyanets. About 100km to the northwest in Bilopillya, the same German company plans to build a maj...

Germany is offering to €20 million to a new, international fund to convert six single industry Ukrainian coal mining towns to new uses, Germany is offering to €20 million to a new, international fund to convert six single industry Ukrainian coal mining towns to new uses, Peter Altmaier, Germany’s minister for Economic Affairs and Ener...

Ukraine’s economy rebounded in the third quarter, increasing by 8.5% compared to the disastrous second quarter, Ukraine’s economy rebounded in the third quarter, increasing by 8.5% compared to the disastrous second quarter, reports the State Statistics Service. In the second quarter, the economy plunged 11.4%, ...

Adoption of a transparently regulated taxi market in Ukraine would bring the business out of the shadows, allowing companies to help drivers buy or lease better cars Adoption of a transparently regulated taxi market in Ukraine would bring the business out of the shadows, allowing companies to help drivers buy or lease better cars, Georgy Sokolyansky, Uber’s develo...

Ukraine says Iran is dragging its feet on investigating the downing of the UIA passenger jet last January Ukraine says Iran is dragging its feet on investigating the downing of the UIA passenger jet last January by not sharing information and not responding to requests for cooperation., Deputy Prosecutor ...

About $110 million will be invested next year in 10 regional airports, largely for runway and navigational improvements About $110 million will be invested next year in 10 regional airports, largely for runway and navigational improvements, according to Kirill Khomyakov, head of Ukrinfraproekt, the State Agency for Inf...

Ukraine’s big debt to foreign investors in wind and solar energy threatens future foreign investment in other areas, Ukraine’s big debt to foreign investors in wind and solar energy threatens future foreign investment in other areas, the Ambassadors of 11 OECD countries warned Prime Minister Shmyhal in a letter Frid...

“To attract investors, and indeed to keep existing investors, Ukraine needs a stable and predictable business climate “To attract investors, and indeed to keep existing investors, Ukraine needs a stable and predictable business climate that builds confidence in Ukraine as an attractive investment destination,” reads ...

With the overdue electricity bill estimated at $800 million, With the overdue electricity bill estimated at $800 million, the Ambassadors said the government has not yet moved to use budget money to pay for 20% of the bill and to pay the rest through hryvnia bo...