Economy / Business

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2013 2012 2011 2010

February 7, 2013: EBRD to Help Ukraine Get Into Top-100 in Doing Business Ranking
The European Bank for Reconstruction and Development shares Ukraine’s ambitions to be among top-100 countries of the World Bank’s Doing Business ranking and would like to help Ukraine achieve this goal, said President of EBRD Suma Chakrabarti after the meeting with President of Ukraine Viktor Yahukovych.
February 7, 2013: Ukraine Says No to USD 7 Bln Bill from Gazprom
Ukraine has officially refused to acknowledge the USD 7.09 billion bill sent by Russian gas giant Gazprom in January 2013. Gazprom argues Ukraine owes the company money for the 16.7 billion cubic meters of gas Ukraine did not consume under the take-or-pay system, provided by the 2009 contract between the parties. Ukraine insists it obeys the contract and provided Russian company with a timely notice regarding predicted the cut in gas consumption in 2012.
February 5, 2013: US Official: Ukraine – Future Energy Hub of Eastern Europe
Current reforms that are taking place in Ukraine may transform the country into an important energy hub of Eastern Europe, said the State Department’s Special Envoy and Coordinator for International Energy Affairs Carlos Pascual during his meeting with the Prime Minister of Ukraine Mykola Azarov.
February 4, 2013: Europe’s Top Corn Supplier – Ukraine Ups Export by 21.5%
As of February 3, 2013, Ukrainian corn producers exported 7.95 million tons of corn – 1.4 million tons more than last year in a year-on-year comparison, informed the Agrarian Ministry of Ukraine. Following the world’s leading corn exporters – the U.S., Argentina, and Brazil, Ukraine became top corn supplier among European countries.
January 28, 2013: Ukraine Rewarded With USD 500 MLN for Peacekeeping Efforts
Since the declaration of the independence of Ukraine in 1991, more than 40,000 Ukrainians participated in 28 peacekeeping operations across the globe. For this work, the UN paid USD 500 million to the Ukrainian budget as a compensation for the peacekeeping operations carried out by the Ukrainian military and expert teams, informed Serhiy Hrabsky, Chairman of the All-Ukrainian Association The Union of Peacekeepers.
January 25, 2013: Ukraine, Shell Gas Deal Stirs News World
BBC, Financial Times, The Globe and Mail, The New York Times, Reuters, The Wall Street Journal and a number of other global media representatives draw public attention to the signing of the production sharing agreement between Ukrainian government and the Royal Dutch Shell. According to the agreement, Shell and Ukrainian state company Nadra Yuzivska have equal shares in the enterprise – 50 percent.
January 23, 2013: Ukraine Europe’s Top Freelance Country – Elance
Ukraine took the fourth spot in the global online earnings rating, becoming the top European country on the list of the global online employment platform Elance. Total lifetime earnings by Ukrainian freelancers exceeded USD 38 million, with nearly USD 35.7 million gained by the IT industry, states the report.
January 22, 2013: Germany Pours Funds Into Ukrainian Business
The German banking group KfW will provide a EUR 10 million loan for investment projects in Ukraine and a EUR 2 million grant for the support of small and medium businesses, informs Ukraine’s National Bank. The respective agreement between the KfW and the Ukrainian Ministry of Finance regulates limitations on loan interest rate. The limitations will make the provided money more accessible to the Ukrainian businesses.
January 21, 2013: Ukraine Considers Importing Gas From Slovakia
Ukraine is exploring two additional options of reverse gas supply from Europe, stated the Minister of Energy and Coal Industry of Ukraine Eduard Stavytskyi on January 18, 2013, not disclosing the said options. At the same time, kommersant.ua reports German RWE may provide Ukraine with gas from Slovakia, citing the source in the ministry. Additionally, Ukraine could import gas through Turkish LNG terminals.
January 18, 2013: Ukraine Regions Vote In Favour of PSA With Shell
The Donetsk and Kharkiv regional administrations voted in favor of the production sharing agreement with the oil and gas company Royal Dutch Shell. The document features ecology, social and other requirements for the investor and regulates the relationship between the investor and the state. According to the agreement, Shell will hand over 31-60 percent of the extracted gas to the Ukrainian state.
January 17, 2013: Ukrainian President Aims for Top 100 in World Bank’s Doing Business Rating
The President of Ukraine Viktor Yanukovych stated that by 2014 Ukraine would secure a place among the first 100 countries on the World Bank’s Doing Business report. According to the President, the country has to simplify licensing procedures and decrease the number of audits of businesses by the authorities.
January 17, 2013: Ukraine Auctions Off USD 163 Million Worth of Bonds
On a series of auctions on January 15 the Ministry of Finance of Ukraine sold three sets of bonds, bringing the total of UAH 1.3 billion (approximately USD 163 million) to the state budget. The weighted average yield level for these domestic borrowings is 9.19 and 8.25 percent for UAH and USD bonds, respectively. Redemption dates of the bonds are 2015-2017.
January 15, 2013: Ukraine, China Intensify Cooperation
Ukraine and China considerably deepened their cooperation throughout the past two years, noted the President of Ukraine Viktor Yanukovych at the meeting with China’s Minister of Defense Liang Guanglie in Kyiv. In particular, Ukraine – China cooperation involved agricultural sector, energy production, and bilateral trade.
January 10, 2013: Ukraine Increases Agricultural Export by 40% – Agriculture Minister
In 2012, Ukrainian agricultural export increased by nearly 40 percent, reaching USD 17 billion, according to the Ukrainian Minister of Agrarian Policy and Food Mykola Prysyazhnyuk. Additionally, he noted that Ukrainian agricultural industry produces twice as much as is consumed by the domestic market. Comparably, the UK produces only 60 percent of the food consumed in the country.
January 6, 2013: Ukraine’s Shale Gas Production Soars 11% in 2012
Throughout 2012 Ukraine produced 1.174 billion cubic meters of shale gas, boasting an increase of 11.2 percent compared to 2011. Following such dynamics will result in Ukraine’s timely fulfilling the plan to triple its shale gas production to three billion cubic meters by 2016, reports the press services of the joint stock company Chornomornaftogaz.
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 ukrinform.ua.
December 27, 2012: Germany Helps Ukraine Develop Biofuel Production
Germany intends to assist Ukraine in establishing its own biofuel production in 2013, reports minagro.gov.ua. 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.

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