Bilateral trade and economic cooperation between Ukraine and Lithuania could return to the pre-crisis level, which is over $1.5 billion, in the coming years thanks to the activity of the two countries’ business structures, while close cooperation will ensure the accelerated development of certain sectors of the economy of both states. First of all, Ukrainians are interested in the adoption of energy-saving technologies, the development of business infrastructure, the adaptation of production to EU standards and regulations. Lithuanian partners are in dire need for Ukrainian specialists and are ready to invest in the Ukrainian market and place foreign orders on it as outsourcing.
This was discussed at the conference titled “Ukraine and Lithuania: Investment and Business Opportunities,” which was held in Kyiv. The event was a practical continuation of the economic forums held at high levels and traditionally organized by the Ukrainian League of Industrialists and Entrepreneurs (ULIE), the Lithuanian Confederation of Industrialists, the Chambers of Commerce and Industry, and other partners. This time the conference touched on practical aspects of work in both countries, opportunities to boost investment, advantages and problems of doing business and other issues.
“Lithuania and Ukraine have not only built a good partnership, but also created an atmosphere of trust and friendship, which will help us achieve concrete results. The countries have reached the unprecedented level of cooperation and are in many ways complementary: Lithuania is now a member of the European Union, it has developed business infrastructure, the IT sector; Western investment is actively injected in our country. In turn, Ukraine has a huge potential in terms of economic development, human resources, the agricultural sector,” Ambassador of Lithuania to Ukraine Marius Janukonis said.
ULIE President Anatoliy Kinakh drew attention to the need for further implementation of reforms in Ukraine that would be conductive to a favorable business and investment climate. They include further currency liberalization, land market regulations, an improvement in taxation and other issues.
KYIV. May 4 (Interfax-Ukraine) – Spar Ukraine Corp. LLC, part of VolWest Group investment group (Lutsk), has opened the first grocery store of the SPAR international brand with an area of 250 square meters in Ukraine in Rivne.
According to a company press release, 90% of the products in the new store are of Ukrainian origin, as well as Private Label products of international and Ukrainian companies.
In addition, the company plans in the near future to open another store in the new SPAR Express format in Ternopil.
As reported, on January 24, 2017 Spar Ukraine Corp. signed a cooperation agreement with Spar International, which provides for the development of the Spar network in the Ukrainian market by opening its own and franchised stores.
The company intends by the end of 2017 to open 15 Spar stores in Ukraine and within three years – 50 retail outlets.
Spar in Ukraine will be developed in four retail formats: Spar Express (convenience stores of up to 200 sq m), Spar (supermarkets of 200-800 sq m), EuroSpar (supermarkets of 800-3,000 sq m), and InterSpar (hypermarkets of more than 3,000 sq m).
Spar Ukraine Corp. LLC was established in 2017.
KYIV. May 4 (Interfax-Ukraine) – Odesa Container Terminal, a subsidiary of Germany’s HHLA International GmbH, in May 2017 will start servicing three international shipping companies, the company’s press service has told Interfax-Ukraine.
“According to information received from the executive director for commerce of Odesa Container Terminal, Ihor Yarovenko, this month the enterprise confirms the opening and servicing by the terminal of two new regular linear services of Hapag Lloyd and Yang Ming Line international shipping lines, which will positively influence the volumes of container handling,” the press service said.
The container terminal in late May expects the first call of a new regular direct service of Maersk, which opens up wider opportunities for container freight traffic for the clients of Odesa Container Terminal.
Hapag-Lloyd is a German transport company. It is the fifth largest container carrier in the world in terms of tonnage of vessels.
China-based Yang Ming Marine Transport Corporation is one of the leading companies in the world that carries out sea container transportation.
Maersk is a Danish company operating in various sectors of the economy, for the most part known by port and cargo shipping business.
KYIV. May 4 (Interfax-Ukraine) – Germany’s Bentec has won a tender of public joint-stock company Ukrgazvydobuvannia to supply five drilling rigs with a carrying capacity of 450 tonnes, Nefterynok publication has reported, referring to Bentec Head Dirk Schulze.
“Bentec offered the lowest price, having competitive advantage compared to NOV (the United States and Canada) and DrillMec (Italy),” the publication said.
Bentec managed to offer better conditions thanks to localization of some production in Ukraine.
“Some spare parts will be made in Ukraine – by Dicovery (Srtyi, Lviv region),” Nefterynok said, citing Schulze as saying.
The press service of Ukrgazvydobuvannia told Interfax-Ukraine that Bentec really offered the best price for the drilling rigs, while the tender procedure has not yet been finished and the contract has not yet been signed.
The expected cost of the drilling rigs was UAH 3.549 billion.
Ukrgazvydobuvannia, which is wholly owned by Naftogaz Ukrainy, is Ukraine’s biggest gas producer, accounting for about 75% of natural gas production.
KYIV. May 4 (Interfax-Ukraine) – U.S. CMC Cometals and Velta LLC (Dnipro) have signed a memorandum of intent to build a mining and beneficiation complex in Kirovohrad region that would produce titanium ores. Investment of around $30 million will be sent to the project.
Velta said in a press release on Wednesday that the document was signed on May 2, 2017.
The framework document envisages that CMC Cometals will be involved in the prefunding of the project to build a mining complex on the Likarivske titanium ore field.
The project is strategic expansion of the Byrzulivske mining complex that has been operating in the region for five years.
“The signed memorandum is a sign of restoration of cooperation between U.S. CMC and Ukraine. The company cooperated with the Ukrainian mining sector over 20 years ago. Despite the risks linked to investing in the country, CMC Cometals and Velta have designed a formula that satisfies each side,” Velta said in the press release.
The next step will be receiving all permits to start construction. Velta has completed exploration of the Likarivske field. The company is designing the project. The annual nominal capacity of the complex is planned at 120,000 tonnes of ilmenite. The new enterprise would create 300-350 jobs.
KYIV. May 4 (Interfax-Ukraine) – The Ministry of Energy and Coal Industry forecasts exports of electricity in May in the amount of 583 million kWh, which is almost 2.1 times more than in May 2016 (282.7 million kWh).
According to the balance of Ukraine’s united energy system for May 2017 posted on the ministry’s website, exports of Ukrainian electricity to Moldova this month could amount to 272 million kWh, to Poland some 141 million kWh, from the Burshtyn Energy Island some 170 million kWh.
In addition, the balance sheet assumes the production of 11.608 billion kWh of electricity in May, including 6.7 billion kWh of power by nuclear power plants (the share is 57.72%), 2.971 billion kWh by thermal power stations (25.59%), 937 million kWh by hydro power plants (including by the feed-in tariff, 8.07%), 150 million kWh by pumped storage hydro power plants (1.29%), 619 million kWh by combined heat and power plants and cogeneration plants (5.33%), 130 million kWh by alternative power sources (solar, wind plants, etc., 1.12%), and 101 million kWh by block stations (0.87%).
Electricity consumption (gross) in May 2017 is expected at 10.8 billion kWh.
