IEA Speaks of Ukraine's Potential for Energy Revolution

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IEA Speaks of Ukraine's Potential for Energy Revolution

PR Newswire KYIV, Ukraine, October 23, 2012

KYIV, Ukraine,October 23, 2012/PRNewswire/ --

The International Energy Agency presented an in-depth review of Ukrainian energy policiesUkraine 2012 Energy Policy Review. IEA Executive Director Maria van der Hoeven emphasized that the IEA experts considered Ukraine a huge energy market as well as a large producer of coal, oil, gas, and nuclear pow er. Moreover, the experts reckoned the geographical position of Ukraine to be strategic for gas transit, reportsBBC Ukraine.

Ukraine needs to increase its energy efficiency in the building and industry sectors, as well as modernize centralized heating systems of the housing and utilities sector, said Maria van der Hoeven. Luckily, the country has "the scope to reduce gas consumption in the residential sector", statesiea.org. The much needed reforms would provide for domestic energy market liberalization, attracting investment and fostering competition.

Apart from improving energy efficiency, Ukraine can "further expand conventional and unconventional gas extraction to achieve import independence on the longer term". Moreover, the Eastern European country has "untapped biomass and waste-to-energy opportunities", which w ill contribute to the increase of domestic resource production.

Ukraine recently opened its shale gas market for major global players - ExxonMobil,Royal Dutch Shell, and Chevron. The companies won respective bids for the development of shale gas fields and a deep marine shelf field in Ukraine. Reportedly, they plan to invest hundreds of millions of dollars in their businesses in the Eastern European country. Ukraine is estimated to possess the fourth-largest shale gas reserves inEurope, informsThe Financial Times.

Production of synthesis gas became Ukraine's latest environment-friendly effort to reform country's energy system. The construction of five plants producing syngas from coal will start in Ukraine in 2013, according to the President of Ukraine Viktor Yanukovych. TheUSD 3.5 billionworth project was agreed upon in autumn of 2012 and is currently in the stage of designing the gas production facilities.

Ukraine began reforming its inefficient energy system by adopting the State Program on Energy Efficiency 2010- 2015. InSeptember 2012, it was announced that Ukrainian agroholding Avangard plans to build biogas producing facilities at two of its poultry farms by 2013. To put the project to life, Ukrainian company will cooperate with Polish state-owned company PGNIG-energy.