Axios: Ukrainian CEO warns Europe against russian gas revival

In a recent interview with Axios during the CERAWeek by S&P Global conference, DTEK CEO Maxim Timchenko issued a warning about the hidden costs of russian pipeline gas, emphasising the security risks of European dependence on russian energy supplies.

"People shouldn't be naive that russian gas can be cheap. Absolutely not. The price can be paid in different forms," Timchenko stated during the interview.

He cautioned that russia would never sell gas below market prices without expecting concessions in return.

The potential revival of russian gas supplies to Europe has emerged in peace negotiations and amid concerns about high energy prices impacting European industrial competitiveness. Currently, russian gas comprises about 13% of Europe's supply (including LNG), down from nearly half before the 2022 invasion.

Timchenko used the CERAWeek conference to advance discussions on expanding U.S. LNG imports to Ukraine, building on DTEK's existing agreement with Venture Global. 

"Our idea is to build this bridge between the United States and Ukraine, Europe and Ukraine," he explained, highlighting Ukraine's strategic position with the largest gas storage facilities in Europe.

The DTEK CEO emphasised Ukraine's potential to become a clean energy exporter, leveraging its infrastructure, renewable resources, and substantial gas reserves.

"Ukraine will become an exporter of clean energy, mixing nuclear and renewables," Timchenko said.

While Ukraine continues development efforts during the war, Timchenko stressed the need for private investment to accelerate growth in renewables and oil and gas sectors. He expressed strong support for the proposed U.S.-Ukraine mineral and energy deal, stating,

"We welcome any deals that bring in more U.S. and European companies to the Ukrainian market. We need fresh capital. We need technology, we need expertise... we need more competition in the market."

Read the full interview on the Axios website.