When the Soviet Union collapsed and Ukraine became an independent state, the opportunity to create a new economic reality for its citizens was missed by the government and policymakers. The delayed reorientation toward a market-based energy policy resulted in decades of corruption and dependence on Russia.

Oil and gas condensate production declined 1.6 percent from January to August from a year earlier to 23.05 million tonnes, while natural gas output increased 11.3 percent to 27.917 billion cubic metres (bcm) in the same period.

Gross domestic product (GDP) grew by 3 percent year-on-year in January-August backed by a 12.9 percent growth in communications, 11.4 percent in construction, 9.1 percent in trade and 5.8 percent in manufacturing.

The agreement was reached during a recent meeting of the bilateral intergovernmental commission that had been held in Tashkent.

Oil exports amounted to 44 million tonnes in the first eight months of this year. Production of oil products exceeded 8.3 million tonnes, 2 percent up from January-August last year.