The Cabinet of Ministers of Ukraine has enabled PJSC UkrGasVydobuvannya to sell the liquefied gas at electronic stock trading and more often than twice a month, which will make it possible to respond promptly to price fluctuation on the market.

The relevant decision was stated in the Cabinet of Ministers Resolution No. 882 dated 4 October 2017, which became effective on 24 November 2017.

The Government decision to change the auction procedure will enable the company to be more competitive when selling the liquefied gas at stock trading. Earlier, the company was limited to only two auctions a month that made to sell in large quantities and prevent it from reacting rapidly to the changing market environment.

"The Government decision is, in a sense, revolutionary for the liquefied gas market in Ukraine: it breaks unnecessary bureaucratic barriers between producers and buyers and introduces progressive, civilized market-based mechanisms. At the outset, we plan to hold electronic trading once a week, and twice a week after certain experience has been gained. Thus, liquidity indicator of the domestic price for liquefied gas, that all others should be looking up to, will be created," said Serhii Fedorenko, Director for Commercial Issues at PJSC UkrGasVydobuvannya.

Pursuant to the Resolution, when calculating the starting price for liquefied gas, the data on import of this resource are taken at auctions 10 days prior to the registration of applications at auction instead of 15 days as in the past.

Also, the preparation period for auctions has been shortened: whereas previously the sellers submitted applications to hold an auction 7 days prior to its commencement, now this period has been reduced to 5 days (from 5 to 4 days for additional auctions).