On Friday, November 24, 2017, the Resolution of the Cabinet of Ministers of Ukraine dated October 4, 2017 № 882 "On Amendments to the Resolution of the Cabinet of Ministers of Ukraine dated October 16, 2014 No. 570" came into force. The Government approved the document modifying the rules for the sale of liquefied gas, crude oil and gas condensate of own production for the largest Ukrainian extracting state companies "Ukrgazvydobuvannya" and "Ukrnafta".
By this Resolution, the Government has improved the mechanism for organizing and conducting exchange auctions for sale of crude oil, gas condensate of own production and liquefied gas, as well as specialized auctions for sale of liquefied gas for the population needs. The main purpose of the adoption of the Resolution is to eliminate the gaps and collisions found in the auction committee in the current order of conducting auctions, simplify organizational and technical procedures and create opportunities for more potential buyers to participate in auctions. In particular, it is foreseen the possibility of conducting electronic exchange auctions, shortening the preparation time for the auction, updating the starting price, the possibility of participating in auctions of non-resident buyers, simplifying the procedure for submission of applications by sellers for an auction, changing the grounds for the rejection by the auction committee of applications for an auction, the possibility of conducting several additional auctions, specifying the requirements for buyers at specialized auctions for sale of liquefied gas for the population needs.
"Today we have witnessed a qualitative transformation of the energy market in Ukraine. The transition to electronic exchange trades is the introduction of the best European practices and the guarantee of transparent and effective sale of hydrocarbons by state companies. It’s nice to note that the Ukrainian Association of Liquefied Gas, Ukrgazvydobuvannya, the Government and market participants united in their striving to build a transparent market and become drivers of these changes. We have experience in conducting both voice and electronic trading on various energy markets. We can confidently state that the electronic format of trades allows attracting more market participants and making trades itself competitive, and prices for resources are more marketable and fair. According to the proposed changes, Ukrgazvydobuvannya will be able to conduct auction not twice a month, as before, but every week. Private companies have been selling their resources on electronic trading for a long time, and the effectiveness of this method has already been repeatedly proved, "- said the CEO of the Ukrainian Energy Exchange Oleksandr Kovalenko.
In connection with the transfer of auctions for sale of liquefied gas in the domestic market of Ukrhazdobych Public Joint Stock Company in electronic form, the Commodity Exchange "Ukrainian Energy Exchange" invites participants of the liquefied gas market to be accredited for participation in electronic trading and receive training in the program products "Electronic Exchange Trading System ".