Ukraine is Ready to Provide its Underground Gas Storage Facilities for the Creation of an International Gas Fund

by Olha Povaliaieva
Thursday, November 18, 2021

Ukraine's plans to prevent an energy crisis in Europe

The Regional energy security partnership strategy on energy security from Ukraine makes it possible to secure additional gas flows along the Ukrainian route to the Central European gas hub region in the Austrian Baumgarten. The plan may be implemented very soon — this winter.

This was announced by Herman Galushchenko, minister of energy of Ukraine, at the Talks Geopolitics online meeting of the European Political Center.

One of the tasks of such a partnership is creating an International Gas Fund in underground gas storage facilities in Ukraine: a joint gas reserve will be formed, access to which will be available to each of the fund's participants in case of a critical situation.

Cost-effective conditions will be introduced to deliver gas from other additional sources to Baumgarten in the long term.

This prospect has already been discussed by telephone by the president of Ukraine, Volodymyr Zelenskyy, and the president of the European Commission, Ursula von der Leyen. "The president of Ukraine stressed that our state is ready to reduce the cost of gas transit on its territory and provide its underground storage facilities for storing strategic fuel reserves," Zelenskyy quoted his representatives as saying.

You will be interested