OREANDA-NEWS. April 04, 2011. The Government and domestic manufacturers of petroleum products have signed a Memorandum of Partnership. From the Cabinet of Ministers document signed by the Minister of Energy and coal industries Minister Yuriy Boyko, from manufacturers of petroleum products - Chairman NAK "Naftogaz Ukraine" Yevhen Bakulin, President of “Lukoil” Vagit Alekperov, the director of “TNK-BP” Herman Khan, the shareholder “Naftokhimik Prykarpattya” Igor Kolomoisky and Chairman of the "Ukrtatnafta" Pavel Ovcharenko.

The Memorandum provides for an increase in domestic petroleum refineries and creation necessary conditions for it by the state. During discussion of this document, the Prime Minister of Ukraine Mykola Azarov said that the Government, if possible, will contribute the owners of oil refineries, yet he expects them to attract investment in upgrading Oil Refinery capacity. "Signing this important document, we want to emphasize that the government will constantly interact with you and will always support you. Take measures to ensure that you not only increased the share of domestic petroleum refining, but also upgraded our Oil Refinery and raised the quality of petrol and petroleum products” noted the Prime Minister.

According to the Ministry of Energy and coal industries, the aim of signing of the Memorandum is to create conditions for the stable, predictable and competitive domestic oil market and its development, to prevent unreasonable price fluctuations in unpredictable growth in world oil prices, to ensure adequate resources filling the market, accelerating modernization of domestic refineries to increase the depth of processing crude oil and petroleum production of high quality, promoting removal of the price burden on consumers of oil, strengthening energy independence of Ukraine.

According to the Memorandum, the Cabinet of Ministers of Ukraine, will create favourable conditions for reconstruction (modernization) in order to increase the depth of processing crude oil and petroleum production of high quality; ensure proper control over the quality of oil products on domestic market, will contribute creation of conditions for equal and non-discriminatory access for all market participants to the resources of oil produced by domestic refineries.

In turn, refiners guarantee to increase processing crude oil and oil products.