The FINANCIAL — Ukraine is one of 15 EU and Energy Community countries in Central Eastern and South Eastern Europe who have signed up to work together to accelerate the building of missing gas infrastructure links and tackle remaining technical and regulatory issues which hamper security of supply and the development of a fully integrated and competitive energy market in the region. Moldova will sign at a later stage.
The agreement, signed in Dubrovnik on 10 July, will boost security of energy supply and lead to the creation of a connected and competitive energy market in the region. Its ultimate aim is for each country in the region to have at least three different sources of gas, according to EU Neighbourhood Info.
The move comes after the European Commission’s 2014 gas ‘stress tests’ found most countries in the region do not have access to a diversified gas supply due to missing infrastructure links or long-term supply contracts to a single supplier.
The MoU was signed by the EC, Austria, Bulgaria, Croatia, Greece, Hungary, Italy, Romania, Slovakia, Slovenia, Albania, Former Yugoslav Republic of Macedonia, Serbia and Ukraine. Bosnia and Herzegovina and Moldova will sign at a later stage.