KYIV, Ukraine, April 26, 2013 /PRNewswire/ --

Ukraine-EU collaboration within the framework of the European energy strategy will allow both parties to successfully diversify sources of energy supplies. Such statement was made by the Deputy Director of the Energy Community Dirk Buschle during the third session of the strategic discussion club, reported Ukrinform.

Being a part of the Energy Community is not just about safety, it also means to be a part of the integrated energy market, which provides opportunities to diversify energy sources and routes, said Dirk Buschle. Following Ukraine's success in diversification of the energy sources and routes in recent years, he noted that the EU had similar plans and aspirations. Buschle mentioned the investments in shale gas in Ukraine by Shell and Chevron, as well as Ukraine's recent successful attempts to diversify energy sources through a reverse supply from Poland and Slovakia, which bears the potential of about 10 billion cubic meters of gas per year. In addition, the Energy Community official noted Ukraine's significant potential in electric energy exports.

Ukraine, on the other hand, continues to be a reliable energy transit country, remaining an integral part of European energy safety, said Vice Prime Minister of Ukraine Yuriy Boyko at the 6th Kyiv Security Forum Security in Insecure World on April 18, 2013. He reminded that Ukraine carried about 60 percent of Russian gas to Europe. Yuriy Boyko reiterated that despite the difficulties in the dialogue with Russian partners on gas issues, and regardless of alternative projects that were being reviewed by Russia and Europe, Ukraine would remain the main transit country of Russian gas to Europe for some time. He, therefore, urged European countries to consider the fact that modernizing Ukrainian GTS and maintaining it in good condition required funding. He also commended Deutsche Bank's involvement in the upgrade of the compressor station Bar in the Soyuz pipeline.

In December 2012, Ukraine and Germany started their EUR 53.5 million joint project to modernize Ukrainian GTS. The modernization, financed through Deutsche Bank AG credit line, is expected to prolong the operating life of the compressor station by 15 years, reduce fuel gas consumption by 28 percent, and boost energy conversion efficiency of gas compressors by 10 percent.

SOURCE Worldwide News Ukraine