“Ukraine does not use its potential at full capacity” – Opimakh

Head of the State Geology Service, Roman Opimakh, says in an interview that Ukraine is rich in oil, gas and minerals, has not been able to make the most of its wealth, the press service reports.

According to him, this was the result of a long oligarchic influence on the industry, legislation that was too complicated, price limits, complicated application procedures, investor caution and corruption.

“This year we are trying to attract more private investors who will be willing to spend more money and who will be more effective in terms of investment, in terms of effective development of mineral resources”, says Opimakh.

He also noted the importance of a more transparent electronic bidding process, as well as a more in-depth electronic collection of geological information and the creation of a national geological data repository.

The number of fields in the Investment Atlas increased to 106.

Earlier it was reported that companies would pay tax for “dormant licenses”. The State Service of Geology and Subsoil will work with these licenses on a “use or drop” basis.

Tags: The Cabinet of Ministers, gas, contracts, oil, hydrocarbon production, corruption, legislation, EU, The Minystry of Energy and Coal Mining, Top management, energy market, gas production, добыча нефти, drilling, Public Service of Geology and Subsoil of Ukraine, foreign affairs, Opimakh, negotiations, investors, stocks, Ukraine, income, auctions

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