American Chamber of Commerce supports economic reforms in Ukraine

Bernard Casey, President of American Chamber of Commerce in Ukraine, expressed support to Ukrainian government led by Sergiy Arbuzov. According to him, intensification of economic reforms targeted by the Cabinet of Ministers will contribute to changes in legislation in order to increase the level of confidence of foreign investors and reduce the taxation barriers, the Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine informs.

Bernard Casey noted that Ukraine had thoroughly prepared for 2014. Important agreements were reached with Russian government on support of industrial modernization and activation of key programs of Ukrainian industry development. During the visit of President Victor Yanukovich to China, he signed agreements important for the Ukrainian economy for the total cost of 30 billion USD. The government made own efforts to stabilize economy: programs on introducing the energy efficiency and support of energy independence were approved (Energy Strategy of Ukraine till 2030, Concept of creating a system for state support of Ukrainian exports until 2015 aimed to increase the capacity of local exporters and raising the standards of their work up to European level) as well as many other programs, provisions, concepts, and laws based on powerful impulse to development of the economy.

However, apart from agreements achieved with Russia, Ukraine received the terms subject to special attention, namely a possibility for quarterly review of gas prices. Thus, according to Bernard Casey, Ukrainian government should sign agreements with major international companies involved in hydrocarbon exploration.

As noted before, following the first 3 tenders for award of production sharing agreement on Yuzovsky (Kharkiv and Donetsk region), Olessky (Lviv and Ivano-Frankovsk region), and Skyfsky (deep-water Black Sea shelf) areas, the winners were major international oil and gas companies – Shell, Chevron, ExxonMobil, OMV, Eni, and Electricite de France. Scope of investment in exploration of deposits can reach tens of billions of USD.