Naftogaz of Ukraine discusses its plans to participate in Ukrainian Energy Exchange trades
Naftogaz Group was represented at the meeting by A. Favorov, Director of Naftogaz Integrated Gas Business, and I. Mykhailenko, Director of Naftogaz Trading. The event was also attended by representatives of more than forty trading and gas production companies and the Association of Gas Traders of Ukraine. Andrii Favorov said that the Ukrainian Energy Exchange was chosen as the organizer of the Naftogaz’s trades on a competitive basis and today it is the best exchange of Ukraine among all existing ones. In the near future, Naftogaz plans to hold trades for the sale of natural gas, and 2 months after entering the exchange - for the purchase of fuel, including Ukrainian mining companies. According to the company’s management, it will allow to increase liquidity and competition with European suppliers.
In general, Naftogaz, together with the Ukrainian Energy Exchange, intends to create an organized natural gas market in Ukraine for European-style. In order to achieve this goal, a joint dialogue has already begun on the development of standardized contracts for the commodity derivatives market. Other participants of the gas market have also expressed their desire to join the joint work.
Chairman of the Exchange Committee Oleksii Dubovskyi supported the initiative of NJSC Naftogaz to develop the Ukrainian exchange market. "Ukrgazvydobuvannya JSC, a member of the Naftogaz Group, has been selling oil products and liquefied gas at the Ukrainian Energy Exchange for four years already. This is a good experience of participation of the largest company in the industry in exchange trading. We are ready to expand our cooperation with Naftogaz Group, because currently only Ukrainian Energy Exchange has the necessary software and modern technologies to work in the energy markets," O. Dubovskyi said.