Governor of the National Bank of Ukraine Sergiy Arbuzov strongly believes that Ukraine is able to ensure energy security over the next three years. A statement to this effect was made by Mr. Sergiy Arbuzov during the meeting with Mr. Ed Whitfield, Chairman of the Subcommittee on Energy and Power of the Energy and Commerce Committee of the U.S. House of Representatives, which was held on 19 September 2012 as part of a working visit to Washington by the Ukrainian delegation.

The sides discussed the issues related to strengthening Ukraine’s energy security and the U.S. role in this matter. In order to ensure energy security Ukraine increases extraction of fossil energy carriers, invites foreign companies to extract gas from alternative sources and introduces energy saving technologies.

During the course of the meeting it was emphasized that the USA restated its commitment to promote the development of a new industry in Ukraine – gas extraction from non-conventional energy sources.

“This year the leading U.S. energy companies have won tenders to conclude an agreement on the distribution of hydrocarbons to be extracted in Ukraine. We hope that these companies will bring advanced technologies and large-scale investments to the energy sector of Ukraine. We have also invited the U.S. companies to take part in new tenders to enter into agreements on the distribution of products. Each of these projects is expected to allow Ukraine to produce about 10 billion cubic meters of gas per year. This production potential, undoubtedly, will meet the demand of Ukraine for gas and thus will help improve the country s balance of payments,” said Governor of the National Bank of Ukraine Sergiy Arbuzov.

According to Mr. Eduard Stavytsky, Minister of Ecology and Natural Resources of Ukraine, Ukraine is committed to implementing the Memorandum on assessing the potential of shale gas reserves in Ukraine, signed with ExxonMobil in May in Chicago (U.S.).

Mr. Ed Whitfield, Chairman of the Subcommittee on Energy and Power of the Energy and Commerce Committee of the U.S. House of Representatives, has said the energy sector will be a key one for receiving U.S. investments in Ukraine.