Europe needs a common policy in the field of energy security - participants of the Ukrainian lunch in Davos

Participants of the 5th Davos Ukrainian Lunch organised by the Victor Pinchuk Foundation and the international investment advisory group EastOne discussed energy security issues of Ukraine and Europe.

According to the ex-Speaker of Ukrainian Parliament Arseniy Yatsenyuk Ukraine must search for the ways to diversify its power supplies and also actively introduce alternative energy resources. "This is not easy, but we need look for such opportunities", he underlined.

Yatsenyuk suggested that Ukraine should be involved in building a European system of power security as an equal partner. Ukraine has to diversify its sources of power supply, by increasing electricity production including nuclear-power engineering, and rise exports of oil in view of today's prices on the world oil market.

Commenting on the outcome of the recent gas conflict in January 2009, George Soros pointed out the necessity of establishing a single policy on energy security of Europe. "If Rurgas or Gas de France was holding gas negotiations defending interests of the whole Europe and not only their native countries - we wouldn't have problems", he highlighted. The key element of the power security system, Soros explained, would have to be a supranational regulatory body with wide powers.

Furthermore, Ukraine would have to become a part of an all-European energy policy, George Soros mentioned. He called to stop accusing Ukraine in the "gas crisis". "This problem is not Ukraine's problem. Ukraine itself is dependent on the suppliers and cannot be the cause of the crisis", he stated.

Background:

Davos Ukrainian Lunch held by the Victor Pinchuk Foundation since 2005 has already become a customary event in Davos. The objective of the conference is to promote Ukraine among Western elites and help better understand political and investment climate of the country. This year's conference "Crisis: In & Out" focused on such issues as the impact of the economic crisis on Ukraine and the whole world, as well as feasible strategies for crisis tackling.

The key speakers at the Davos Ukrainian Lunch included Vice Prime Minister of Ukraine on European and International Integration Hryhory Nemyrya; Member of Parliament of Ukraine, Ex-speaker of Parliament of Ukraine Arseniy Yatsenyuk; financier, investor and philanthropist George Soros; famous columnist of The New York Times newspaper Thomas Friedman. The former European Commissioner for External Relations, Chancellor of the University of Oxford and Co-chairman of the International Crisis Group Chris Patten moderated the discussion.