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ARTICLE · 22 JUNE 2011

Natural Gas Export Restriction Lifted

CMS Cameron McKenna Nabarro Olswang
Explore more from CMS Cameron McKenna Nabarro Olswang

On 17 June 2011, the Ukrainian Parliament adopted amendments to the Law of Ukraine "On Principles of Natural Gas Market Functioning" No. 2467-IV, dated 8 July 2010 ("Gas Market Law").

UkraineEnergy and Natural Resources
Olexander Martinenko
Olexander Martinenko
Volodymyr Kolvakh
Volodymyr Kolvakh
Vitaliy Radchenko
Vitaliy Radchenko

On 17 June 2011, the Ukrainian Parliament adopted amendments to the Law of Ukraine "On Principles of Natural Gas Market Functioning" No. 2467-IV, dated 8 July 2010 ("Gas Market Law"). The decision was made swiftly (in just three days after the draft law had been registered in the Parliament) and the amendments are now awaiting the President's signature.

The Gas Market Law will now allow the Ukrainian oil and gas monopoly - the National Joint-Stock Company "Naftogaz of Ukraine" ("Naftogaz") and its subsidiaries, to export natural gas out of Ukraine. The export shall be carried out in accordance with (i) the annual prognostic balance of the natural gas intake and distribution in Ukraine and (ii) the procedure envisaged by the Ministry of Energy and Coal Industry of Ukraine.

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