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EU Signs Gas Pipeline Deal

With Ukraine
By Andy Tully - Dec 02, 2014, 3:02 PM CST
The European Union is lending more than $180 million to Ukraine for improving its
stretch of a pipeline that ships natural gas from northern Russia to customers in
Europe. A second, larger loan for the same project is in the offing.
The Ukrainian government and the European Investment Bank signed the deal on
Dec. 1 in Kiev. The second loan, from the European Bank for Reconstruction and
Development, is expected to be approved by that institutions board by Dec. 10.

https://web.archive.org/...161030134846/http://oilprice.com/Latest-Energy-News/World-News/EU-Signs-Gas-Pipeline-Deal-With-Ukraine.html[11/1/2016 2:51:31 PM]

EU Signs Gas Pipeline Deal With Ukraine | OilPrice.com

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Both loans carry 2 percent interest, a common lending rate from development

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banks and a much lower rate than is charged for ordinary market loans. The
recipient will be Uktransgaz, which operates the pipeline.

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Related:Ukraine-Russia Gas Deal Still Possible Despite Setback

The benefits of modernization are clear, according to Ukrainian Prime Minister
Arseniy Yatsenyuk: It would reduce the cost of moving the fuel by 20 percent, and at
the same time repair leaks in the pipeline, thereby reducing toxic emissions as well
as energy loss.
As part of the modernization program, Uktransgaz will replace nearly 120
kilometers (about 75 miles) of new piping and refurbish two compressor stations in
a project that is expected to last about four years.
Yatsenyuk said he hoped the parts needed for the project, particularly the
necessary piping, will be bought from Ukrainian companies. This will additionally
contribute to the Ukrainian economy, he said.
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One option, according to the Kiev Post, would be Interpipe, Ukraines leading pipe
maker. The Russian gas industry once was one of Interpipes leading customers,
buying up to 44 percent of its products. Now, though, sales have declined due to
Russias unilateral annexation of Ukraines Crimean peninsula and the Russianbacked fighting in eastern Ukraine, leaving Interpipe heavily indebted.
The pipeline in question runs from Urengoy in northern Russia through Pomery
about 250 miles east of Moscow to Uzhgorod in western Ukraine on the border
with Slovakia. It can carry as much as 142.5 billion cubic meters of gas each year to
Europe.

https://web.archive.org/...161030134846/http://oilprice.com/Latest-Energy-News/World-News/EU-Signs-Gas-Pipeline-Deal-With-Ukraine.html[11/1/2016 2:51:31 PM]

EU Signs Gas Pipeline Deal With Ukraine | OilPrice.com

Related:Putin Threatens Gas Reduction To Europe

EU nations get one-third of their gas supplies from Russia, and half of that amount
flows through Ukraine. The supply of gas to Europe was interrupted twice before, in
2006 and 2009 because of disputes between Kiev and Moscow, and Europe is leery
of depending on Russian gas, even if its shipped through a friendly country such as
Ukraine.
Russias solution is to bypass Ukraine altogether. One option might have been to
use the proposed South Stream pipeline, which would have run south of Ukraine.
But on Dec. 1, Russian President Vladimir Putin said he was scrapping the project. A
second would be to expand the capacity of the North Stream pipeline, which
already is shipping gas under the Baltic Sea to Germany.
In announcing the loans, Yatsenyuk pleaded with EU countries not to agree to any
alternative to shipping via Ukraine. Ukraine once again calls on all the European
and U.S. partners to invest in the Ukrainian gas transportation system, he said.
By Andy Tully of Oilprice.com
More Top Reads From Oilprice.com:
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Projects
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