Business news from Ukraine

Can Ukraine become sweet spot on global mining market?

Andrii Gorokhov, CEO of private equity umgi

The extraction of minerals in Ukrainian deposits has always been perhaps the most profitable sector of the domestic economy. And even now, in the conditions of war, Ukraine’s mining industry is actively developing thanks to the support of businesses and communities. On the other hand, the strategy of protection and steady growth of the industry at the legislative level is in development. So it is quite natural that international investors show interest in this sector even today.

umgi has been investing in the sector for over 17 years. Comparing our practical experience of developing mining companies in 5 countries of the world, I would like to highlight the main advantages of setting up a mining business in Ukraine.

On the importance of communication

To begin with, Ukraine has considerable potential in the extraction and processing of strategic and critical minerals, but achieving success would require our country to become more visible on the global market. The largest players of the international market are indeed guided by reputable analytical sources in their decision-making. For example, these include an annual survey of mining companies by the Fraser Institute, a Canadian think tank. The research presents a general index of the attractiveness of a country, which is based on the assessment of mineral potential and the perception of state or local policies by companies in the extractive sector. The downside, however, is that Ukraine is not included in this study at all. That is, we realise that one of the primary tasks for the promotion of Ukraine on the world stage is spreading the word about the high potential of our industry. International investors should see why it is profitable for them to invest in the Ukrainian mining industry instead of choosing some other country.

In general, according to McKinsey & Company, the above annual survey tracks 15 drivers of the extractive industry, which can be roughly divided into 4 priority groups:

  1. Access to geological resources/data (data quality, openness, maps, etc.);
  2. Comparison of business expenses for capital investments and operational activities;
  3. State policies (taxation and tariffs);
  4. Access to experts in the mining sector (availability of skilled workforce).

There is a sweet spot determined based on the best combination of these drivers, i.e. the so-called group of countries with a high level of mineral resources and government policies favourable to the development of the industry. The countries of this group include the US, Canada, Chile, Australia, Finland, and Morocco. And there are no obstacles for Ukraine to be on this list soon: we have more than enough objective advantages.

So, why Ukraine?

Given that our company researches mineral investment markets in all corners of the world every year, I can confidently say that Ukraine has great indicators in many of the above parameters. Firstly, we have high-quality mining resources. Secondly, favourable economic factors play a prominent part, including the resource location (i.e. transport costs, ease of export) and price forecast for target minerals and technologies (mineral extraction challenges). Taxes are only one indicator, and perhaps a less important one given the location-specific nature of mining investment. Comparatively, for example, the relatively low cost of land (one of the largest investment costs) and labour (one of the most important operating costs) are of key importance in making investment decisions.

I will dwell in more detail on these and other competitive advantages of Ukraine.

Let me stress that almost all geological information is digitised and public. This means that industry experts are constantly updating the details of research into areas rich in mineral deposits. However, data related to critical minerals that are labelled “For official use” are still restricted. For our part, we support the disclosure of this information to all investors.

The next advantage is that, unlike many other countries, Ukraine keeps inventory records. Therefore, during mining processes, information is available about the extent to which the deposits are depleted. We also have maps of ownership of land plots and ecological zones. And this is really a very effective toolkit for further work to analyse investment projects.

Among the economic factors, we should highlight the cost of labour, which is lower in Ukrainian mining compared to the countries of Central and Eastern Europe by 55–65%. The level of taxes in Ukraine also plays an important role in making investment decisions. If we compare the cost of energy resources, they are also cheaper in Ukraine than in some other neighbouring European countries, and this also gives us an advantage. This is primarily due to excise taxes, as they are lower for energy resources compared to other countries. Here we can also add the cost of land — here, too, Ukraine is highly competitive among other countries for international investors. For instance, in Ukraine, the average cost of land where you can extract minerals is about $3,000. At the same time, the average cost of land in Poland is up to $40,000. Paradoxically, in India, this indicator reaches $60,000. Naturally, there are some cases where certain owners want to get much more. This is normal, because it is a market and every owner is entitled to their own expectations.

One of the criteria used to evaluate the prospects of mining projects in a particular country is the availability of land. And here Ukraine also has an indisputable advantage because of its mechanism for the forced redemption of land plots for public needs. This allows to somewhat align the demands and individual expectations of the owners. It is possible to get a fair price in court because there is a regulatory assessment procedure. The so-called availability of land opens up opportunities for the extraction of any and all minerals, whereas in most other countries, the list of such minerals is limited and clearly defined, or the forced redemption of land plots is prohibited altogether.

What will help Ukraine join the sweet spot group?

According to McKinsey & Company, in order to be desirable for investments in the extractive industry, countries can use various incentives to attract exploration companies. The primary incentives include:

– Money or subsidies (direct financing);

– Foregone revenue: indirect state aid where the state neither allocates funding nor assigns certain taxes;

– Favourable permit and supervision procedures, availability of high-quality public data.

Another rather interesting and relevant issue, which is closely scrutinised today due to its importance for investors, is the possibility of establishing the rule of law. This is what Argentina did years ago: they established a legal framework to allow investors to sue businesses, local authorities and even the state in other jurisdictions.

Obviously, we realise that there are considerable risks associated with the subsoil use, and therefore investments in mining, in Ukraine. This is not only about financing, taking into account military risks. There are also geopolitical, regulatory and workforce (availability and level of expertise) considerations; fluctuations in market prices, etc. However, a considerable list of risks does not mean that doing business here is inadvisable. It just highlights what we have to work with. Some things can be mitigated, others cannot be helped, and certain tasks require the support of the state. Furthermore, now our Government and the Parliament are implementing many positive changes that should make life easier for subsoil users.

Thus, as we can see in general, Ukraine has very good indicators from the perspective of the investment climate across many parameters. Even when it comes to critical materials, investors see profitable prospects even today. Because any development begins with a new demand. And then comes the strategy together with the vision, followed by large investments and great competition on the world stage.

On August 17, UkrainianGasOpen 2023 Forum: Production. Transportation. Storage. Sales

On August 17, 2023, the UkrainianGasOpen 2023 Forum: Production. Transportation. Storage. Sales”, where the topic is developed with a focus on key aspects of gas production and sales in Ukraine during a full-scale war. The Forum is organized by EnergyClub and the Association of Gas Traders of Ukraine, partners – Ukrainian Energy Exchange, Zakhidnadraservice Group, All-Ukrainian Industry Association “Federation of Employers of Oil and Gas Industry” and Yuriy Nagornyak, general information partner – Interfax-Ukraine news agency.

Time of the event: 10:00-14:00

For the third time, the Forum will become a communication platform for an open public discussion that will bring together representatives of relevant government agencies, industry legislators, players in the Ukrainian gas sector, specialized associations and leading media to discuss trends in the gas industry during the war, including production, transportation, storage and sale of natural gas.

The relevance of the Forum is driven by the increasing changes in the development of the Ukrainian domestic gas market in times of war; the focus of the Ukrainian market on the possibilities of ensuring Ukraine’s energy security under martial law; and the active review of global trends in the development of the gas sector in Europe and the world.

The Forum’s program includes two panel discussions on the following topics: the goals set by the President of Ukraine to increase natural gas production and create conditions for energy independence; development of the Ukrainian gas market in the context of war; global trends in the gas sector in Europe and experience of exchange trading in Ukraine.

Participants will have the opportunity to network with colleagues during the official and informal parts of the event. The Forum will be followed by individual press interviews with speakers and networking.

Among the speakers: Andrii Gerus, Chairman of the Committee on Energy, Housing and Utilities; Kostiantyn Ushchapovskyi, Chairman of the National Commission for State Regulation of Energy and Public Utilities (invited); Mykola Kolisnyk, Deputy Minister of Energy of Ukraine; Oleksiy Chernyshov, Chairman of the Board of Naftogaz of Ukraine (invited); Oleh Tolmachev, Acting Acting Director General of JSC Ukrgazvydobuvannya; Roman Malyutin, Head of JSC Ukrtransgaz; Vadym Rybachuk, Commercial Director of LLC GTS Operator of Ukraine; Yuriy Nagornyak; Stepan Kozytskyi, Director General of Zakhidnadraservice; Oleksandr Romanyuk, Acting acting CEO of JSC Ukrgasvydobuvannya (May 22 – January 23); Dmytro Malyar, CEO of D.Trading; Tetiana Riabukha, Chief Advisor on Energy Markets Development at Ukrainian Energy Exchange LLC; Volodymyr Onyshchenko, Rector of Poltava National Technical Yuri Kondratyuk University; Ruslan Magomedov, Head of the National Securities and Stock Market Commission (NSSMC).

Media partners: Weekly magazine “Energobusiness”, Glavkom, UA.NEWS, Energoreforma, Nadra.Info, Center for Economic and Political Studies “Razumkov Center”.

The program and additional information on participation in the Forum is available on the website:

Venue of the Forum: Hyatt Regency Kyiv (5 Alla Tarasova Street).

Participation fee: for representatives of EnergyClub member companies – free of charge; for representatives of companies from the gas sector – UAH 5 000.00; for embassies, government agencies – free of charge (subject to pre-registration and confirmation by the organizers).

Accreditation of media representatives: participation of media representatives in UkrainianGasOpen 2023 is free of charge subject to pre-registration and confirmation by the organizers. One of the key conditions for registration is the creation and publication of material about the Forum on your website.

To confirm the publication or broadcast of the news about the Forum, please provide the link to the Forum:

For electronic media – a link to the published material;
For television or radio – a recording of the broadcast;
For print media – a photo of the published material or an electronic version.
This stage is an important part of the accreditation process. We look forward to your cooperation and understanding.

Media accreditation by phone: +38 068 459 3641 (contact person: Varlamova Inga).

Open4business is a media partner



Ukrainians are urged to thank the defenders: when meeting, put your palm to your heart.

Life is gradually returning to the rear cities of Ukraine. The further away from the front line, the calmer each day can seem to us, and the faster we try to return to everyday life and put things in order. And it is easier to forget that the war is ongoing.

Bringing cities back to life is important. Finding an opportunity to comfort yourself and your loved ones is essential. However, the most important thing is to remember, thanks to whom we can do all this.

Every such day we are indebted to our military and veterans, rescuers, and doctors who continue to defend the country. So today it is more important than ever to thank them for this. When you see defenders, put your right palm to your heart — a simple and natural gesture of gratitude that will speak for you.

In order for as many people as possible to learn about it, Veteran Hub, together with the provid agency, renewed the communication of the #ZavdyakyTobi (thanks to you in Ukrainian) campaign with a series of new videos and digital materials, in which combat participants were involved. So during filming, the actors thanked them with absolute sincerity in every take.

We can confidently say that this entire campaign was created thanks to them.

The gesture of thanks #ZavdyakyTobi appeared in 2018, and today it has become even more appropriate. When it is difficult and awkward to choose words, a hand on the heart will show your respect.

We invite you to support our campaign by thanking our defenders not only in person but also on your social networks. To do this, put the hashtag #ЗавдякиТобі in the posts and download materials for your content at the link:

Veteran Hub

Ivona Kostyna — the head of the board of Veteran Hub

Artem Denisov — the executive director of Veteran Hub

Halyna Alyomova — head of the Veteran Hub communications department

Lesya Nikolyn — Veteran Hub Partnerships Manager

Victoria Denisova — designer of Veteran Hub

Anastasia Rodomazova — Veteran Hub communications manager

Antonina Khabulya — Veteran Hub communications manager


Yurii Duma — executive director

Vlad Galyapa — creative director

Maryna Bosko — project manager

Joy Films

Oleksandr Stratienko — director/operator

Dmytro Khasanov — the second director

Vitaly Kukshin — producer

Anna Obraztsova — costume designer

Olga Bukhanska — make-up artist

Danylo Dubrovskyi — production designer

Tetyana Usenko, Ksenia Shershnyova — casting

Dmytro Perevalov — director of the group

Dima Shevchenko, Yevhen Kasamara  — location management

Tymofiy Gerashchenko — gaffer

Andriy Karpets — focus puller

Mykola Shchepotin — sound

Ilai Trufakin — playback

Vlad Konstantinov, Vitaly Kukshin — post-production


Cryptocurrencies are becoming more and more popular, and many new and promising projects appear on the market, bringing new tokens and coins. More and more people are willing to be a part of the crypto industry, or at least to engage with trading. On the one hand, there is nothing complicated about trading – you buy assets at a low price and sell them when the rate boosts. However, if things were that easy, probably everyone would become a trader and gain a fortune. The fact is that there are many pitfalls in crypto trading, and every beginner faces difficulties.

Some crypto platforms offer a demo account to help you feel confident when making deals with crypto. Crypto demo trading is a simulator that allows you to practice trading without the risk of losing real money. Such demo accounts offer virtual assets that have no value and cannot be cashed out. They circulate only in the demo environment. You can try various trading strategies without fear of losing assets.

Let’s talk about the benefits of demo crypto trading.

Why is crypto demo trading so good?

  1. Even experienced traders often miss details of their trading strategy and face difficulties. Demo account helps both novice and experienced traders practice and learn their strategies thoroughly, check out all the possible pitfalls, and learn to cope with them skillfully. Practice is the core.
  2. It may happen that when you come to exchange and deposit your money, you find yourself totally lost among all the variety of tools and features. Having practiced before, you will definitely feel more confident and handle all the trading instruments quickly.
  3. Many factors affect the rates of crypto assets, and during demo trading, you will learn to understand the market fluctuations. Moreover, you will learn to cope with emotions and maintain a cool head when making decisions.
  4. Crypto exchange is the easiest process on crypto platforms. Practicing a demo account, you will thoroughly learn other trading instruments like spot, margin, p2p, etc.

The White BIT platform offers a demo account option. It is the easiest crypto exchange for novice traders. It offers over 400 crypto pairs and numerous trading tools. You can buy, sell, and exchange cryptocurrency as well as store it on the platform and receive a percentage for it. It is called “staking,” and it allows to receive passive income. WhiteBIT allows to trade with leverage (borrowed funds), spot trading, p2p, etc.



  • 1000 business and political leaders from around the world and 30 speakers will gather over three days.
  • Hosted in-person in Kyiv from 20-22 October 2021, they will discuss and create commercial and partnership opportunities to deliver a secure energy future.
  • The event showcases Ukraine’s natural gas opportunities and attractive investment climate as well as the Ukrainian gas sector’s central role in Europe’s energy supply.

Naftogaz and event organiser dmg events announced the launch of a major gas sector event in Ukraine. The Ukraine Gas Investment Congress, taking place from 20-22 October 2021 under the patronage of the Ministry of Energy of Ukraine and with the support of the Ministry of Environmental Protection and Natural Resources of Ukraine, will bring together industry leaders from around the world to discuss energy transition, technology, and industry transformation, along with key trade flows and delivery strategies.

The event is ideally timed to address Ukraine’s efforts to strengthen links with the European Union and achieve energy independence by 2030. As the importance of European energy security increases, the event will provide a platform for government ministers, energy industry leaders, investors, and technology innovators to examine opportunities to modernise Ukraine’s resources.

These are quickly becoming an attractive investment proposition, with attendees able to consider a well-developed midstream infrastructure that facilitates the monetization of new developments at scale, asset backed trading, and extensive Europe export potential, with the largest underground storage capacity in Europe and transit capacity of 90bcm.

The Energy Strategy of Ukraine 2035 aims to create a highly competitive energy market which encourages foreign direct investment and underpins rapid infrastructure development and integration with the EU’s systems. The Gas Investment Congress provides a forum for value-add partners to contribute capital and technological expertise to secure growth opportunities and financial returns.

Naftogaz СЕО Yuriy Vitrenko said: “Ukraine, and with it Naftogaz, have a key role to play in providing energy security for Europe. With the second largest gas reserves on the continent, Ukraine has the single largest growth opportunity in natural gas production in the EU. As the Gas Investment Congress shows, the investment opportunities in the gas sector are enormous.”

Christopher Hudson, President of Global Energy, dmg events, commented, “We very much look forward to joining forces with Naftogaz to host this event in Ukraine. By bringing together energy industry leaders, policy makers and investors, the Ukrainian Gas Investment Congress will present Ukraine’s natural gas opportunities and attractive investment climate to the world.”

Anyone wishing to attend can register their interest at:


About Naftogaz:

State-owned Naftogaz is the largest national oil and gas company of Ukraine, owning 38,000 km of gas pipelines and 30 billion cubic metres of storage capacity. Naftogaz’s strategy of hydrocarbon resource base development aims to double Ukraine’s gas reserves in the next 10 years.

About dmg :: events:

dmg is one of the leading global event organisers, working across several key industries. Its energy portfolio includes some of the biggest events in the sector, such as Gastech, ADIPEC, and the Global Energy Show.

For media enquiries, contact: / +38 098 3099953 – Julia Pryanykova / +44 7860 955581 / +44 75 3819 6545



Together with Andrii Dligach, a futurist, and Vlad Mikhnenko, Oxford’s Associate Professor, CEOs of the major Odessa-based companies have released an economic business vision of the city. Its presentation will take place on September, 17 as part of the Odessa Business Forum.
The Club’s Mission is to promote a positive image of Odessa in Ukraine and worldwide, to make a statement as a city built for life, investments, and doing business.
The Odessa Region Economic Strategy 2050 outlines the priorities in such sectors as investments, exports, industrial development, transport and logistics, tourism, culture, and entertainment.
The Odessa Business Forum is a standing platform and an annual event. Its key objective is to present mid-term and short-term plans to implement the main vectors of the economic strategy, to summarize and compare results, and to update its aims and purposes.
Dmytro Kazavchynskii, the Co-founder of the Odessa Business Club, emphasizes: “Loving Odessa in words alone is not enough. We need to do something for our beloved city.”
This was the commitment taken when the Economic Business Vision of the Odessa Region 2050 was created.
Speakers that support the OBF:
● Vlad Mikhnenko, Candidate of Science, Associate Professor of sustainable urban development, researcher at St. Peter’s College at Oxford University
● Karl-Filip Coenegrachts, strategist and innovator from Ghent (Belgium), creator of an alternative vision and concepts for Smart Cities and Cities of People
● Andrii Dlygach, Founder and CEO of Advanter Group; Doctor of Economics, strategist, futurologist; Expert in shaping business breakthrough strategies; Member of the Boards of Directors at the Digital Transformation Institute and SingularityU Kyiv; CEO, Luniter troubleshooting; Professor at the KSE Business School; Co-founder of the Board business community
● Cees Donkers, Urban designer at City as a LAB, one of the key founders of Dutch Design Week. Eindhoven’s chief urbanist
● Valeria Ionan, Deputy Minister of Digital Transformation for European Integration since 2019. Responsible for the national projects Diia.Business and Diia.Digital Education, online security and European integration
● Dmytro Kazavchinsky, Co-founder of Odessa Business Club and GST Company
● Andreas Flodstrom Co-founder and CEO at Beetroot and Beetroot Academy, Ukrainian-Swedish companies
● Andrii Zdesenko, Founder and CEO of Biosphere Corporation, owner of Charisma Fashion Group and co-founder of the Ukrainian restaurant chain Vapiano, Co-founder of the Inspira business club in the city of Dnipro
● Oleksandr Bornyakov, Deputy Minister of Digital Transformation for IT Development. Co-founder of IT-Cluster Odessa
● Maxim Bakhmatov (Moderator), founder and Head of the Office of Transformation, Managing Partner of UNIT.City, innovator, businessman, entrepreneur, ex-CEO of VDNKh (National Exhibition and Cultural Center based in Kyiv)
…and more.
The host of the first Odessa Business Forum will be a Ukrainian marketer, founder of Fedoriv Group Andrii Fedoriv.
We are open to cooperation with everyone who cares about Odessa and the positive image of Ukraine abroad.
PIC: Ms Kateryna Voronova, Coordinator of Media Partners Relations
Tel.: +38 067 740 24 89
Open4business is a media partner.