European Union

This project has been launched in the context of the joint EU-EIB-EBRD-World-Bank-Ukraine initiative to modernise Ukraine's gas transit system.

The project, funded by the EU in the framework of the Neighbourhood Investment Facility (NIF), will assist the three International Financial Institutions in their due diligence, thereby preparing the ground for investments into Ukrainian gas transit system. The project is managed by the EBRD on behalf of the EU and the three International Financial Institutions. 

The modernization of the Ukrainian Gas Transit System remains a key priority for the Ukrainian Government and the EU, as outlined in the March 2009 Joint EU-Ukraine International Investment Conference on the modernization of Ukraine's Gas Transit System.

In the Joint Declaration signed at this Conference, the EU and the International Financial Institutions (the World Bank, the European Investment Bank and the European Bank for Reconstruction and Development) highlighted their readiness to support the reform, restructuring and modernisation of Ukraine's gas sector.

In this context, it was agreed that the EU will finance, in the framework of the Neighbourhood Investment Facility (NIF), a feasibility study and environmental and social impact assessments of the modernization of the Ukrainian Gas Transit System and underground storages with up to 2,650,000 EUR.