You're reading: Ukraine to focus on domestic hydrocarbon production

The Ukrainian government is to focus on increasing the domestic production of hydrocarbons as a priority policy in energy sector, First Vice Prime Minister Andriy Kliuyev said in an interview with Channel 5 television.

According to him, prices for domestic gas should be brought in line with the production cost so that oil and gas companies could make from 8-12% profit.

The price of gas produced in Ukraine hasn’t been raised for several years, and as a consequence, domestic gas production has been unprofitable, Kliuyev said.

If this situation continues, any increase in domestic gas production will be out of the question, which means that the energy security of the country will be threatened, the first vice prime minister said.

Kliuyev said that once gas production by the national gas company Naftogaz Ukraine becomes profitable, the price of gas for households would no longer be raised.