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December 29, 2012

Ukraine Builds Six New Arenas for EuroBasket 2015

Ukraine will build six new sports arenas in time for its FIBA EuroBasket 2015 hosting gig, reported Borys Kolesnikov, the head of the Ukrainian parliamentary committee on transport. “Lviv, Odesa, Dnipropetrovsk, and Kharkiv will get arenas of 6,000 audience capacity, while Donetsk will be equipped with a palace for 8-10 thousand (its design is almost done). Kyiv will host EuroBasket in a 16,000 strong hall,” he said.

December 29, 2012

Russia Places Order for 20 Ukrainian An-70 Aircrafts

Russian Defense Ministry commissioned 20 transport aircrafts An-70 from Ukraine’s state enterprise Antonov. This was reported by Ukrainian Prime Minister Mykola Azarov on Ukrainian television.

December 29, 2012

Ukrainian Agriculture Attracts Six Billion Dollar Investment From China

Ukraine and China signed a memorandum establishing the China-Ukraine International Engineering Cooperation Association. The agreement, signed in Hong Kong, stipulates that the organization will facilitate Chinese investment into Ukrainian agriculture. The volume of investment is planned to reach USD 600 million in 2013, and eventually go up to USD 6 billion, stated the executive director of the association Chi Kin Fung, according to

December 27, 2012

Germany Helps Ukraine Develop Biofuel Production

Germany intends to assist Ukraine in establishing its own biofuel production in 2013, reports The statement was made by the representative of the German Federal Ministry of Environment Jurgen Keinhorst at the joint Ukraine – Germany council. Keinhorst said that pilot projects in the sector may involve German investment.

December 27, 2012

China Bankrolls Ukraine to Substitute Gas With Coal

The state oil and gas company Naftogaz signed the USD 3.656 billion credit agreement with the state-owned China Development Bank to finance the program of substituting natural gas with locally produced coal. The program is aimed at improving Ukraine’s energy security and alleviating dependence on foreign natural gas.

December 20, 2012

Ukraine Seeks to Establish Itself as the Granary of Europe – Financial Times

“With its rich black earth and bountiful supplies of grain, Ukraine was once known as the “breadbasket of Europe”, reads the article by Roman Olearchyk in the Financial Times.

December 17, 2012

Ukraine Chairs Black Sea Economic Cooperation Organization

Ukraine takes over the six month chairmanship of the Organization of Black Sea Economic Cooperation (BSEC), starting January 1st, 2013. The previous head – Turkey – handed over its duties to the Eastern European country on Sunday, December 15th. During its chairmanship, Ukraine plans to promote economic cooperation between members and strengthen the regional impact of the organization, focusing on infrastructure issues.

December 14, 2012

Kyiv Opens First Innovation Hub for Ukrainian IT Professionals

The first Innovation Hub for IT startup companies opened in Kyiv. The iHub’s purpose is to provide creative working environment for young and up-and-coming IT professionals who want to begin immersing themselves in the global market.

December 12, 2012

Germany Helps Modernize Ukrainian Gas Transporting System

Ukraine starts the first joint project regarding the modernization of its gas transporting system. Renovation works at the compressor station Bar of the cross-country Soyuz pipeline will be financed through Deutsche Bank AG credit line. Ukrainian state company Ukrtransgas will receive EUR 53.5 million from the German bank.

December 11, 2012

Alternative Energy Ups Ukraine’s Energy Independence – Industry Expert

The use of renewable energy will allow to significantly cut the volume of energy import in Ukraine, as well as strengthen the independence of the country, reckons Rainer Hinrichs-Rahlwes, the President of the European Renewable Energy Federation.

December 7, 2012

Kyiv Becomes Fruit and Vegetables Capital 2012

This week the 2nd International Exhibition of Fruit and Vegetables, hosted at the International Exhibition Center in Kyiv, Ukraine welcomed the record-breaking 150 companies from nineteen different countries including this year’s newcomers – Chile, Greece, Italy and Lebanon.

December 6, 2012

Ukrainian Poultry and Eggs Will Enter EU Market

Ukraine was granted the right to import poultry products to the EU, informs the State Veterinary and Phytosanitary Service of Ukraine. The respective unanimous vote was held by the Standing Committee on the Food Chain and Animal Health on December 4th. Reportedly, prior to the decision, the EU had been carrying out years-long study of Ukrainian poultry industry.

December 6, 2012

European Space Agency Chooses Ukrainian Rocket Engines

Ukrainian rocket engines are getting difficult to compete with. The European Space Agency equips the upper module of its Vega rockets with Ukrainian liquid-fuel RD-869 rocket engine. With the creation of Vega - the lightest in its arsenal, Europe should be able to launch rockets of all classes and not depend on Russia and the United States, reports Ukrainian ICTV.

December 5, 2012

EBRD Finances Chornobyl Project Finalization

The European Bank for Reconstruction and Development will provide EUR 190 million for the new sarcophagus and nuclear waste storage facility at the Chornobyl Nuclear Power Plant, Ukraine. This was provisioned by today’s agreement between Ukrainian government, state enterprise Chornobyl NPP and the EBRD.

November 28, 2012

Ukrainian Host Cities of Euro 2012 Explore New Investment Opportunities

Ukrainian host cities of the EURO 2012 football tournament, which took place this summer in Ukraine and Poland, continue to cooperate even after the grandiose sports event. Now the Ukrainian capital Kyiv features the Communal Investment Forum: Dialog With Economy 2012, organized by Deutsche Gesellschaft für internationale Zusammenarbeit (GIZ) GmbH, the Delegation of German Economy in Ukraine, the Eastern Committee of German Economy and the German Embassy in Ukraine.

November 26, 2012

Ukraine Offers Favorable Conditions for US Gas Drillers – FT

It is profitable to explore and produce gas in Ukraine now, John Dizard says in his article for Financial Times. He explains that gas is cheaper in America and, to get sizeable returns, companies search for more cost-effective deals elsewhere. “The Ukrainian gas prices are high enough to pay for the costs of shale and coal-bed gas, which are much higher than conventional gas,” he writes.

November 21, 2012

Ukraine Extends List of Energy-Conservation Equipment Relieved from VAT

The government of Ukraine amended the list of goods that are relieved from import tax and VAT. The list now includes 30 more energy-saving materials, equipment, and supplies. The step aims at promoting energy saving by local enterprises, coal production plants in particular.

November 16, 2012

Brazil Interested to Invest USD 4.5 billion in Ukraine

Brazil submitted to Ukrainian authorities USD 4.5 billion worth of investment proposals. We want to build the mini-tractors production plant in Ukraine as well as purchase shipbuilding and pharmaceutical manufacturing technology, said José Barouki, director of trade and investment company Daruvar S.A. during the Ukrainian investment roadshow in São Paulo, Brazil.

November 16, 2012

Ukraine, Vietnam Negotiate An-148 Trade

Ukraine negotiated the supply of An-148 aircrafts to Vietnam during the official visit of Ukrainian Prime Minister Mykola Azarov to the Southeast-Asian country. The parties also discussed the possibility of modernizing 20 Ukraine-produced An-26 aircrafts, operational in Vietnam since 1979.

November 9, 2012

FT: Ukraine, Poland Boast the Most Modernized Infrastructure in Eastern Europe

Getting ready for hosting the major sporting event – EURO 2012 European Football Championship – Ukraine and Poland gave their infrastructure “the biggest facelift” in the region and beyond, writes Roman Olearchyk in his Nov. 9 article in the Financial Times (FT). While three fourth of Poland’s expenditures were covered by the EU funds, Ukraine built roads, hotels, and airports with its own money, reads the article.

November 7, 2012

U.S. – Ukraine Trade Up 14%

Trade turnover between the U.S. and Ukraine in January – October 2012 reached USD 3.4 billion, demonstrating a 14 percent increase compared to the same period in 2011. Interestingly, the USA provided one billion worth of foreign direct investment into Ukrainian economy as of 2012, reports

November 2, 2012

Ukraine Turns to Germany for Gas (Updated)

Ukrainian state-owned gas-managing company Naftogaz signed a contract with German RWE regarding the supply of one million cubic meters of natural gas per day in November – December of 2012. The deal should provide Ukraine with gas at USD 360 per thousand cubic meters, reported a source in Ukrainian energy ministry, as cited by This would allow saving USD 30 million per billion cubic meters of gas.

October 26, 2012

Shell Starts Drilling for Hydrocarbons in Ukraine

Today the Royal Dutch Shell plc. together with the Ukrainian public company Ukrgazvydobuvannia started drilling the first exploration well Beliayivske-400 in Kharkiv oblast. The new rig will extract around 300 cubic meters of gas daily, stated Ukrainian President at the opening ceremony.

October 25, 2012

Ukrainian Minister Confirms Wheat Export Ban

Minister of Agrarian Policy and Food of Ukraine Mykola Prysyazhnyuk confirmed a full ban of wheat export from Ukraine. The ban will become effective starting November 15, 2012. “There will be a government order about this. We are not playing games here. We do not have any other option," Ukrainian minister told Reuters.

October 24, 2012

EU Ready to Invest Into Ukrainian Gas Transporting System Modernization

The EU is set to contribute to the modernization of the Ukrainian gas transporting system as soon as Ukraine finalizes terms of the project, said the Head of the Delegation of the EU to Ukraine Jan Tombinski. Ukraine will come up with the project terms after receiving the results of the GTS assets valuation.

October 23, 2012

CEE’s Most Improved – Now Easier to Do Business in Poland and Ukraine

World Bank named Poland and Ukraine the two countries of the Central and Eastern Europe that demonstrated most improvement in the area of doing business. Over 2011 Ukraine made it easier to start business in the country, introduced tax relief measures, and improved property registering procedures.

October 22, 2012

IEA Speaks of Ukraine’s Potential for Energy Revolution

The International Energy Agency presented an in-depth review of Ukrainian energy policies Ukraine 2012 Energy Policy Review. IEA Executive Director Maria van der Hoeven emphasized that the IEA experts considered Ukraine a huge energy market as well as a large producer of coal, oil, gas, and nuclear power. Moreover, the experts reckoned the geographical position of Ukraine to be strategic for gas transit, reports BBC Ukraine.

October 17, 2012

Ukraine Negotiates USD 1 Billion Credit Line with World Bank

World Bank is ready to increase the volume of annual credit to Ukraine to USD 1 billion due to high efficiency of using the bank’s assets. Such statement was made at the Tokyo meeting between the World Bank Vice President for Europe and Central Asia region Philippe Le Houérou and Minister of Trade and Economic Development of Ukraine Petro Poroshenko, reports LB.

October 17, 2012

Ukraine Starts Syngas Production Plants Construction in 2013

The construction of five plants producing synthesis gas from coal will start in Ukraine in 2013, according to the President of Ukraine Viktor Yanukovych. Investment in the project may go up to USD 3.5 billion. Having been agreed upon in autumn of 2012, the project has currently moved to the stage of designing the plants.

October 10, 2012

Ukraine Makes Another Step Toward Energy Independence

Ukraine started the construction of the nuclear fuel production plant for the Ukrainian power stations. The new plant – is a step forward toward energy independence of Ukraine, said the Prime Minister of Ukraine Mykola Azarov during the foundation stone laying ceremony in the village of Smolino, Kirovohrad region.

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