“Powerbank” of Europe
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April turned out to be a busy month for the Naftogaz Group of Companies. We certified the national gas storage operator according to the new European rules.
We received the decision of the Arbitration Tribunal in The Hague, according to which Russia must compensate Naftogaz with 5 billion dollars for losses from the loss of assets in Crimea.
We visited Washington, where we talked with our partners about the role of Ukraine in the system of continental energy security and the development of hydrocarbon production.
Today, no one in the civilized world doubts that this great war became possible thanks to the money accumulated by the Kremlin from the sale of energy carriers.
Therefore, the task of the collective West, of which Ukraine is a part, is not only to punish Russia for crimes and violations of international law, but also to rid Europe of its dependence on Russian hydrocarbons.
Regarding the first, in Washington we discussed with representatives of an international law firm Covington & Burling LLP strategy to compel Russia to pay 5 billion in compensation in accordance with the Hague Arbitration decision. We do not expect that Russia will follow international law and will do so voluntarily. But this does not mean that crimes can or will go unpunished.
Naftogaz will use all available mechanisms to enforce the arbitration award, including the seizure of Russian property abroad.
This is the advantage of a global world: dictators may ignore civilized rules at home, but they do not live in a vacuum. And the Hague decision is also important as a precedent for other companies affected by Russian aggression.
As for depriving Europe of dependence on Russian energy carriers, Ukraine seriously has ambitions to become the main supplier of energy for the continent after the war. In particular, gas.
We have the opportunity for this, having the second largest natural gas resources in Europe. And by 2030, they are quite capable of increasing production enough to not only cover their own consumption, but also export to the EU.
Yes, gas does not flow into pipes by itself. Having these super reserves, Ukraine, at the same time, needs modern technologies for their extraction. Such technologies and expertise are available in the USA, which at the beginning of the “zero” years made a real revolution in the production of shale gas and oil.
We talked about this, in particular, with Jeffrey Payette, Assistant Secretary of State for Energy and Coordinator of G7+ efforts to help Ukraine (and former US Ambassador to Ukraine).
The American-Ukrainian energy partnership will be a win-win strategy for three parties: US gas companies and investors will get access to the large-capacity market, Ukrainians – energy independence and income from rents and taxes, Europe – gas for its own needs, for which there are already existing gas pipelines and gas storages.
For projects of this scale, only the goodwill of all parties is not enough. Trust is also necessary, which is the foundation of any strategic partnership.
That is why Naftogaz Group performs another, completely “home” task: to become a model of transparent and effective management. And almost my first task in office was a request to the Government to renew the procedures for the appointment of a new supervisory board.
At the end of January, the supervisory board became operational – after a break of more than six months.
In Washington, we received “feedback” from our partners. Representatives of the International Monetary Fund confirmed that “Naftogaz” fulfilled in full all the conditions related to the Group of Companies in order to obtain an agreement with the government of Ukraine on extended financial assistance.
Of course, today everyone is interested in the stability of Ukraine’s energy sector and preparation for the next heating season. But we should think not in categories of heating seasons, but in categories of the new architecture of energy security in Europe.
The foundations of this architecture are being laid right now. In the rejection of European countries from Russian gas and oil. In the formation of new energy alliances. In the growth of the role of “Naftogaz”, which is able to make Ukraine the “power bank” of a united Europe.
the Kremlin sincerely believed that the EU would not find the strength to give up Russian energy resources for the sake of Ukraine. It turned out the other way around: in the future energy mix of Europe, there will be no Russia at all. But there will be Ukrainian gas, renewable sources and nuclear power.
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