Olga Magaletska took part in the Ukrainian Energy Forum

On July 14, Olga Magaletska, the Head of the Office of the National Investment Council took part in the Ukrainian Energy Forum, in the panel discussion “Enhancing the role of international partnerships in developing a modern energy sector”.

The event was also attended by Lana Zerkal, Advisor to the Minister of Energy of Ukraine; Natailya Boyko, Advisor to the PM of Ukraine, Member of the Supervisory Board Naftogaz Group; Şükrü Boğut, Senior Energy Advisor, USAID; Dejan Ostojic, Sector Leader, Energy, The World Bank; Philipp Leckebusch, Chief Technology Officer, DTEK; Oleg Nykonorov, Director, Regional Gas Company; Eugene Chausovsky, Non-Resident Fellow, Newlines Institute. Panel discussion was moderated by Nataliya Katser-Buchkovska, Co-Founder of Ukrainian Sustainable Fund.

The panelists discussed bilateral partnerships, European market integration, facilitation of international investments and diversification of energy resources.

Olga Magaletska informed the participants of the forum about the investment climate of Ukraine, the latest Ukraine’s legislative initiatives, and mechanisms that currently in place to attract international funding for capital-intensive modernisation projects.

She stressed that even in the difficult times of the pandemic Ukraine’s energy sector is interesting for investors: “Green energy attracted more than 1.24 billion euro investments in Ukraine in 2020. In general, the total capacity of renewable energy in Ukraine increased by 22%”.

Olga Magaletska also noticed that at the end of the last year GoU and the representatives of four companies, which won the PSA competitions, signed a long-awaited production sharing agreements (PSA) for 7 oil and gas sites: “PSA with a total area of more than seven thousand square kilometers have been concluded for 50 years, with a minimum investment commitment of more than 355 million dollars. The volume of investments of all winning companies under the PSA will be from 430 million to 1 billion dollars”.

The Head of the Office also emphasized that such legislative initiative as law No.1116 - IX "On state support of investment projects with significant investments" can facilitate the attraction of international funding for capital-intensive modernisation projects.

Olga Magaletska also focused on two legislative initiatives that will stimulate investment inflows into our country: the first one is the law №466-IX on accelerated depreciation, which was adopted last year. According to this law, income taxpayers have the right to apply accelerated depreciation starting from the reporting period of 2020. The second one - is a package of bills to support investment through the mechanism of industrial parks. This bill provides the introduction of incentives that meet modern global trends and increase the competitiveness of Ukrainian industrial parks, which in turn will help to attract investment, create new productions through the mechanism of industrial parks. This legislative initiative is a logical continuation of the state's course to stimulate investment.

© 2020 Office of the National Investment Council of Ukraine