In Focus (#12 December 2016)

Seeking a Predictable Future

Throughout the last three years an array of painful economic shortcomings has eventually become an integral part of our everyday lives. Notwithstanding the scale of the recession, Ukraine reached important milestones in state energy policy by changing its production and consumption paradigms. Reform of the energy sector is being pushed from outside by binding commitments with the EU and the European Energy Community.

Our political instability, as a potential cause of disruption to sources of energy supplies, makes us the subject of bargaining over spheres of influence in Europe. Ukraine’s role in the context of ensuring the EU’s energy security is much more comprehensive than is considered.

In addition to low prices for oil and gas on the world market, the ongoing military conflict has hindered the desired investment in new development. It’s getting hard to explain the business rationale behind huge scale PSA pro- jects and reporting on their progress. Global energy majors are setting aside their ambitions in the country. And even the outdated legislative background is not the main obstacle but unpredictability of changes in rules of the game, which has topped the country risks. This is purely a fundamental requirement sounded by investors – a predictable future with a foreseeable horizon for business planning. Cover story hero Albert Sych, partner at EY in Ukraine, explained industry majors’ mindset in line with the minded interest of the state. The exciting professional discussions on the eve of 2017 confirm that the topic of energy is definitely a timely issue for the UJBL.

The UJBL Editorial Team wishes you a Merry Christmas and a Happy New Year!



Happy reading,

Olga Usenko

The Ukrainian Journal of Business Law

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