Ukraine’s President Viktor Yushchenko highly appreciated the results of energy security summit which took placen in Kiev on 22-23 May. In his exclusive interview to Trend Capital he said that the Energy Security Summit was a very important event both for Ukraine and entire Europe.

“The ideas to develop entire European policy in the energy resources transit field is gaining more understanding,” Yushchenko said.

The participants of the Summit has taken a next practical step in this connection, particularly regarding creation of a common energy transit area. At this stage, the Baltic Sea, Black Sea and Caspian Sea regions must be united.

“The common energy area must take into consideration the interests, rights and duties of all energy market participants – energy resources producing countries, transit countries and consuming countries. That will enable avoiding the attempts to use energy levers as a political impact tool in the international relations,” President said.

According to Yushchenko, the participants of the summit stated significant progress in diversification of energy resources and transportation roots.

“A proof for that is beginning of the practical implementation of the Odessa-Brody-Plotsk-Hdansk project, whose feasibility study designing will be soon completed,” he said.

As to export of Caspian oil via Odessa-Brody pipeline, President Yushchenko said that the issue had gained a practical character.

“The project must be continued given the wide spectrum of cooperation not only between Ukraine and Azerbaijan but other interested countries as well. We spoke about creation of an energy corridor to connect the Caspian Sea and the Baltic Sea. That is a new element of regional cooperation,” Yushchenko said.

He said that there is a political support from all countries involved in the project, but economic and technical details need to be coordinated.

“Azerbaijani President confirmed that his country has always supported the export diversification policy. We highly appreciate Azerbaijan’s readiness to cooperate on the issue,” Ukrainian President said. “Several days ago, a new terminal was opened on the Black Sea shore in Georgia which was constructed through Azerbaijani investments. It is an integral element of the energy corridor,” he added.

Kulevi terminal will be able to accept up to 168 cisterns simultaneously. The tank battery’s volume totals 380,000 cu m. The port can accept tankers with the deadweight up to 100,000 tons. Its capacity is expected to be increased to 15-20mln tons within 2 years.

SOCAR has received a large syndicated credit ($305mln) for construction. The credit was established by a consortium of 15 foreign banks headed by ABN Amro, Societe Generale and BNP Paribas. The loan is expected to be paid back by 2009.