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Adnoc ready to consider Ukraine deal

posted on 17/01/2002: 734 views


Abu Dhabi will consider a proposal from Ukraine to set up a joint venture oil and gas terminal in the Ukranian sea port of Odessa, visiting Minister for Foreign Affairs of Ukraine, Anatoliy Zlenko, said yesterday. Significantly, the UAE and Ukraine will shortly conclude two agreements - an investment promotion agreement and the avoidance of double taxation agreement.



The Odessa to Brody (Poland) to Western Europe oil pipeline from Russia to western Europe via Odessa has just been initiated and efforts are on to make it operational. The minister said Ukraine is keen that Adnoc participates in the consortium and it would be given preferential treatment. "Ukranian companies are capable of high quality construction at cheap costs," he stated.



Although the minister visited Kuwait, Qatar and Oman on the current tour, such a proposal has been made only to the UAE. Cooperation in the fields of oil and gas was discussed with officials in the other GCC countries, he said. The UAE and Ukraine will finalise two agreements, the Investment Promotion Agreement and the Avoidance of Double Taxation Agreement soon, he said, indicating that the agreements are likely to be signed during the visit to the UAE of the Ukrainian President in the second half of this year. Assuring cooperation, the minister said Ukraine was in a take-off stage since the economic reforms introduced two years ago. GDP growth has increased from 6 to 9 per cent and industrial growth climbing to 16 from 12 per cent. (The Gulf News)

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