: G7 ready to support Ukraine's energy sector

19:12 May. 2, 2016

G7 ready to support Ukraine's energy sector

G7 Hiroshima Foreign Ministers Meeting in Hiroshima, Japan on April 10, 2016. (GettyImages)

Energy Ministers of G7 member states encourage Kyiv to further continue reforming the branch

G7 is ready to support Ukraine in its reforming energy branch, announced G7 member states' energy ministers on Sunday, May 1st.

"We welcome the substantial energy policy reforms ongoing in Ukraine including market and tariff system reform in the gas and electricity sectors as well as diversification of energy sources and routes," they said in a joint statement issued after the G7 Kitakyushu energy ministerial meeting in Japan.

G7 welcomes Ukraine's recently announced intentions to establish the necessary framework conditions for a comprehensive energy efficiency program targeted at the residential gas-based heat sector. It also welcomes Ukraine's implementation of the Extractive Industries Transparency Initiative to improve transparency in the energy sector, reported after the meeting.

Read also RFE/RL: Ukraine raises electricity rates for households

The ministers strongly urged Kyiv to pursue further ambitious reform of its energy sector, including the adoption of legislation forming an independent energy regulator, and separate legislation creating a competitive, transparent energy market. They also called for enhanced cooperation between the Ukrainian national gas transmission system operator and relevant international peers.

The G7 ministerial meeting took place pending the G7 Summit, which is to be held in Ise-Shima on May 26-27, 2016.

Reported by UNIAN

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