New law on gas market comes into force from October 1. Naftogaz loses its monopoly both on natural gas supply and sale

A new law on the gas market comes into force from October 1, “NJSC Naftogaz Ukrainy will lose its monopoly both on the supply and on the sale of natural gas. We are actually building a completely demonopolisedEuropean system of the natural gas market, where the provider determines to whom to sell, while the buyer – from whom to buy," Prime Minister of Ukraine Arseniy Yatsenyuk stated at a government meeting on Wednesday, 30 September.

Arseniy Yatsenyuk has pointed out that gas sector reform is one of the key reforms being conducted in Ukraine. The entry into force of this law, he has underlined, "radically changes the whole system of coordinates and gas market in general."

The Prime Minister has stressed that NJSC Naftogaz Ukrainy loses its monopoly both on the supply and sale of natural gas.

Arseniy Yatsenyuk has also emphasised that a number of steps have already been made in reforming the gas market: "The oligarchs, who controlled the Ukrainian gas market and gas supply to Ukraine, faded into oblivion. Over the last 18 months there has been no oligarchic monopoly for the supply and distribution of gas in Ukraine. We are currently buying natural gas just under direct contracts, primarily with our European partners."

Recent talks in a trilateral format between Ukraine, the European Union and our northern neighbor have also yielded positive results, he highlighted: "We expect the entry into force of a trilateral protocol and bilateral agreement on natural gas supplies between Ukraine and the Russian Federation. This gives us another very clear prospect that Ukraine will be provided with natural gas."

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