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Poroshenko signs law to reduce gas reserve stock

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Poroshenko signs law to reduce gas reserve stock President of Ukraine Petro Poroshenko has signed the law earlier passed by Parliament, providing for a reduction of gas reserve stock gas suppliers must pump into storage prior to supplying gas to consumers, from 50% to 10% of future delivery, according to a report on the Verkhovna Rada website.

The corresponding law was returned to Parliament with the president’s signature on it. As UNIAN reported earlier, The Verkhovna Rada September 22 adopted the Law "On Amendments to the Law of Ukraine on the natural gas market (with respect to the gas reserve stocks)". Read also Ukrgasvydobuvannia aims to boost gas extraction to 15 bcm in 2017 On April 9, the Verkhovna Rada of Ukraine adopted the Law "On Natural Gas Market" (No.2250), which specifies that the natural gas market functions on the principles of free and fair competition, with the exception of natural monopolies, and on the principles of ensuring a high level of protection of the rights and interests of natural gas consumers. Read also Groysman wants to "jump off" enslaving gas contract, make Ukraine energy exporter The law covers priority issues in the security of natural gas supply, particularly through diversification of supply sources; free choice of suppliers; equal rights for import and export of natural gas to / from the territory of Ukraine; non-interference of the State in the market operations except in cases when it is necessary to correct market failures or to resolve other issues of public interest, and provided that such interference is done in a minimally efficient way.

Read more on UNIAN: https://www.unian.info/economics/1572103-poroshenko-signs-law-to-reduce-gas-reserve-stock.html