On October 20, the Memorandum of cooperation was signed between the Ministry of Energy and Coal Industry of Ukraine, the American Chamber of Commerce in Ukraine and EBA.
The purpose of the Memorandum is to create a mechanism for rapid response to concerns associated with the activities of investors in Ukraine's energy sector. The meeting proceeded the signing, the idea of which was to discuss key issues for further cooperation. The discussion was moderated by Mr. Andy Kuzich, Business Development Director at PwC Ukraine.
The Ministry presented the mechanism of cooperation and how it will work. The mechanism is designed in a way to quickly process requests from the Chamber and communicate them to the Minister or his deputies for decision-making.
Ms. Tetyana Prokopchuk, Chamber Vice President of Policy stated that it is important to speed up the reform process, thus it is crucial to actively and consistently communicate with the Government on the problematic aspects, positive changes for businesses that are investing in Ukraine. It would also be a positive signal to potential investors. Ms. Prokopchuk highlighted that the Chamber is ready to cooperate and noticed that the basic principles on which an effective cooperation should be built are transparency and stability of legislation.
After signing the MoU, the parties discussed key issues and further steps of cooperation in the energy sector. Inter alia, about formation of a high-level working group, which will include representatives from the Ministry of Energy, the Chamber and EBA. The Chamber Members will be invited to participate in the WG activities. The priority of the first WG meeting will be adoption of the "Roadmap" for deregulation in oil and gas sector.
The main areas of work at this stage will be oil & gas and electricity sectors.
To learn more, please contact Tetiana Temniuk, Chamber Policy Officer (Energy Issues).