USD 65.6046

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10

Ukraine to Be Independent from Russia

A pipeline project that would create a new route for Caspian oil to reach Western markets and loosen Ukraine's dependence on Russian energy

A pipeline project that would create a new route for Caspian oil to reach Western markets and loosen Ukraine's dependence on Russian energy has yet to find approval from former Soviet oil states, analysts said.

Ukraine's president Viktor Yushchenko, who was promoting an ambitious pipeline project, came away from a two-day visit to oil-rich Azerbaijan this week with little more than promises to improve bilateral ties.

Yushchenko was pushing the idea of using the existing Odessa-Brody oil pipeline for deliveries of crude from the Caspian Sea to Ukraine and beyond to international markets as it grapples with higher energy costs for Russian supplies.

The Ukrainian pipeline was originally built in 2002 to loosen Russia's grip on Ukraine's energy market, which imports 90 percent of its oil supplies from its giant northern neighbor, but it was filled with Russian oil when Ukraine was unable to find alternate suppliers in 2004.