EU-Ukraine to invest USD 2.5 bln in Ukraine's gas network

On Friday, European Union and Ukrainian authorities announced that today (Monday, March 23) would sign a joint declaration to implement a USD 2.5 bln program to modernize Ukraine’s gas transit network. A key part of the program will be to separate Naftogaz of Ukraine from subsidiary Ukrtransgaz, which operates the pipelines. The program would see upgrades to the country’s gas compressor stations, underground storage facilities and other infrastructure, according to the Associated Press.  The program is due to be the funded from international financial institutions.