As Kiev Looks for Help, Norway Throws Around Political Weight in Support of Ukraine
Amid a lengthy decision process in the European Union, Norway is trying to increase its geopolitical status, through a combination of reorganisation of its hydrocarbon industry and a raised international profile. On Tuesday, political and economic messages from Oslo resounded in Ukraine.
“We have introduced a new form of reverse shipments and will not allow anyone to use gas supply as an instrument of imposing pressure on Ukraine in the future” Ukraine’s Petro Poroshenko said after his meeting with Norway’s Minister of Foreign Affairs Børge Brende.
Also on Tuesday, the Norwegian cabinet increased its support to Ukraine by almost 30% to NOK 310 million.
“Norway is now increasing its support for the Ukrainian Government’s reform efforts with a view to closer integration with Europe,” Brende commented in a separate press release.
In his sixth visit to Ukraine in less than a year, Brende met Poroshenko, Prime Minister Arseniy Yatsenyuk, Foreign Minister Pavlo Klimkin, Minister of Finance Natalie Jaresko, and Minister of Economic Development and Trade, Aivaras Abromavicius.
The funds are meant to support ‘good governance and democracy,’ while also underpinning the country’s energy sector reform. Norwegian funds will add to international support. Also on Tuesday, Poroshenko signed a Financial Agreement with the European Investment Bank for a 5-year EUR 200 million loan.
Back home, Norwegian companies are also demonstrating their willingness to promote a more factual approach to energy. On Tuesday, Statoil announced changes in its corporate structure, and in its management team.
‘Statoil appoints new chief financial officer (CFO), and launches business area for New Energy Solutions (NES). Three new executive vice presidents (EVPs) are appointed as members of the corporate executive committee (CEC)’ the company wrote on its website, explaining that it wants to increase its production in the US, both offshore and onshore. This will translate into a higher commitment to shale oil and gas operations.
Statoil also created a new business area for New Energy Solutions (NES), whose focus will be on renewable energy.
Scandinavian countries could be a trumpet card for Europe’s gas needs, and Denmark could replicate Oslo's example on a smaller scale. On Tuesday, Mærsk Oil announced an hydrocarbon discovery in the Danish North Sea.
“The drilling of the High Pressure High Temperature exploration well has been completed. At present the partners are in the process of assessing the technical and commercial implications of the discovery and looking at potential follow-up,” Martin Rune Pedersen, Managing Director of Maersk Oil’s Danish Business Unit, commented.
UKRAINE READIES FOR G7 SUMMIT, SETS SIGHT ON YANUKOVICH’S WEALTH
Meanwhile, Ukraine is setting sight on former President Victor Yanukovich’s wealth.
‘Prime Minister of Ukraine Arseniy Yatsenyuk appealed to the Prosecutor General’s Office of Ukraine and the judiciary to pass Yanukovych’s and his environment’s USD1.4-billion assets arrested by the Government of Ukraine to a stage of confiscation and return them to the State budget’ reads a note released by Yatsenyuk’s office.
This comes in a moment, Ukrainian officials are trying to secure Western support, directing the Euro-Atlantic community’s politics toward Ukraine.
Ukraine’s PM said that, during next month’s G7 summit, he will further voice his concerns. He hopes that the international community will come to Ukraine’s rescue.