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2018-01-29 08:25:00

EBRD BOUGHT UKRAINE: $12 BLN

EBRD BOUGHT UKRAINE: $12 BLN

EBRD - The President of the European Bank for Reconstruction and Development (EBRD) Sir Suma Chakrabarti said on Thursday that modernising and reforming Ukraine's institutions and ways of governing had required political courage over the last four years.

In a panel discussion with Ukrainian President Petro Poroshenko during the World Economic Forum in Davos, Sir Suma said there should be no let up now in continuing with the drive for better governance even with elections approaching in 2019.

"The assault on vested interests must continue," he said. "You have shown you have the courage to do this," he told the Ukrainian leader.

Speaking as the head of the largest single investor in Ukraine, the EBRD President said: "We will support you in this endeavour."

The EBRD has invested a total of €12 billion in Ukraine since the start of operations there 25 years ago. Some €3.5 billion of this amount has flowed to the country in the last four years, Sir Suma noted.

The EBRD President said the EBRD had backed its investments with support for reforms. With the support of the European Union, the EBRD had introduced reform support teams into key ministries.

The Bank was also helping to transform the energy group Naftogaz into a company that Ukraine can finally take pride in.

Sir Suma told the audience at the event at Ukraine House in Davos, that the EBRD's work aimed to strengthen Ukraine across a number of key areas, making the economy more resilient, competitive, greener, more inclusive, more integrated and better governed.

The EBRD President highlighted progress in these areas. A financial sector clean-up, and consolidation and recapitalisation had made Ukraine's banks more resilient, while the energy sector had benefited from the diversification of gas imports and reforms.

There had been progress on competitiveness, but more could be achieved if state-owned enterprises had less of a grip on the economy.

He noted Ukraine continued to be one of the world's most energy-intensive countries, three times more so than the EU average, and he said the country should focus on energy efficiency, diversifying energy sources and improving municipal services and infrastructure.

The EBRD praised the Ukrainian Health Ministry's recent steps to remove discriminatory conditions for women's employment. But he said Ukraine needed to do more to encourage a generation of women to attain technical qualifications relevant to high-value sectors.

The EBRD President referred specifically to the need for further improvements in governance. Progress had been made but corruption was still a barrier to foreign direct investment, he said.

The establishment of anti-corruption institutions could make an important contribution to increasing transparency in the economy.

The EBRD had been happy to contribute to this with its support for the creation of a Business Ombudsman, an office which provides a forum for companies to challenge unfair treatment.

It would be particularly important to create an anti-corruption court that met the very international standards that Ukrainians were so keen to attain, the EBRD President said.

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Earlier:

 RUSSIAN GAS RETURNING
2018, January, 12, 12:50:00

RUSSIAN GAS RETURNING

BLOOMBERG - Ukraine imported 14 billion cubic meters of gas from the EU last year, comparable to Belgium’s annual consumption. From this year, state-owned NAK Naftogaz Ukrainy should import 5 billion cubic meters annually under its contract with Russia’s Gazprom PJSC through 2019, and has to pay for at least 80 percent of that, according to the court.

 

 IMF: UKRAINIAN CORRUPTION
2017, December, 11, 09:35:00

IMF: UKRAINIAN CORRUPTION

IMF - “I had a constructive and open discussion with President Poroshenko on Ukraine’s efforts to fight corruption, which is expected by the Ukrainian society and is critical to improve transparency and accountability and create the conditions for sustainable growth."

 

 UKRAINE'S GAS INVESTMENT UP TO 46%
2017, December, 4, 23:05:00

UKRAINE'S GAS INVESTMENT UP TO 46%

УКРТРАНСГАЗ - According to Ukrtransgaz’ performance results in the first nine months of 2017, capital investments in Ukraine’s gas transmission facilities increased by 46% or UAH 486 million compared to the same period of 2016, Ukrtransgaz public and media relations department reports.

 

 WBG HAS UKRAINE
2017, October, 4, 23:35:00

WBG HAS UKRAINE

According to the World Bank’s Special Focus Note on reforming land markets, the moratorium on agricultural land sales, along with weaknesses in the transparency of land rights and transactions, are major impediments to attracting investment and unlocking productivity in Ukraine’s agriculture sector.

 

 RUSSIAN GAS FOR EUROPE: UP TO 23%
2017, September, 4, 12:30:00

RUSSIAN GAS FOR EUROPE: UP TO 23%

Russian natural gas volumes piped via Ukraine to European consumers are up by 23.4 percent so far this year at 61.9 billion cubic metres (bcm), Ukrainian gas transport monopoly Ukrtransgaz said.

 

 RUSSIAN - UKRAINIAN OIL TRANSIT: UP 42%
2017, April, 10, 18:40:00

RUSSIAN - UKRAINIAN OIL TRANSIT: UP 42%

Ukraine's transit of Russian oil for exports to Europe in March rose 42% year on year to 1.25 million mt, state oil shipper UkrTransNafta said

 

 

 UKRAINE'S SERIOUS SHORTCOMINGS
2017, April, 7, 18:30:00

UKRAINE'S SERIOUS SHORTCOMINGS

Ukraine has been urged to finalise gas sector reforms by Janez Kopac, director of Energy Community that regroups EU and non-EU states in Europe.

Tags: EBRD, UKRAINE, CORRUPTION

Chronicle:

EBRD BOUGHT UKRAINE: $12 BLN
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

EBRD BOUGHT UKRAINE: $12 BLN
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

EBRD BOUGHT UKRAINE: $12 BLN
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

EBRD BOUGHT UKRAINE: $12 BLN
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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