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04.11.2016 18:04

Ukrainian ministry expects to reduce dependence on Russian oil

Azerbaijani oil supplies will greatly reduce dependence of Ukraine's oil refining complex on Russian oil, the Ukrainian Ministry of Energy and Coal Industry said in a message November 3.

The protocol of intent on the supply of Azerbaijani oil to the Kremenchug refinery has been recently signed by Ukrtransnafta OJSC and Ukrtatnafta PJSC.

"The cooperation on the oil supply to the Kremenchug refinery will be long term and has become possible due to the bilateral agreements at the interstate level between the governments of Ukraine and Azerbaijan, the message said. "According to the protocol, more than four million tons of Azerbaijani oil will be supplied to the Kremenchug refinery during the next three years.

As a result, Ukraine will be able to diversify oil supplies, the message said. Ukrtransnafta will get additional revenues and the country's dependence on imported oil products will be reduced. At least 1.3 million tons are planned to be supplied per year beginning from January 1, 2017."

Ukraines Energy Ministry said that Azerbaijani oil supplies will strengthen energy security of the country.

According to the message, Azerbaijani oil supplies will also increase the capacity of Ukraines private oil refineries.

"It was possible to reach the agreement with Azerbaijan thanks to the efforts of the countrys leadership, the message said. The Ukrainian government and the Ministry of Energy carried out systematic work to attract new oil suppliers for the restoration of the Odessa-Brody and the Odessa-Kremenchug oil pipelines.

The agreements on the resumption of Azerbaijani oil supplies to Ukrainian oil refineries were reached at the interstate level during the Ukrainian president's visit to Azerbaijan, the message said.

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