NaftoGaz, Ukraine's national oil and gas company, is setting up its office in the UAE. Konstantin Frolov, Deputy Chairman, NaftoGaz told Gulf News that Ukraine intends to play an international role in the oil and gas market worldwide.

For UAE, Frolov said: "We have nearly completed all the formality to set up representative office in UAE."

Ukraine has just set up a representative office in Libya and is also looking at other countries in North Africa. Similarly, in Asia Ukraine is holding talks with Pakistan, which is opening up its energy sector for international participation, said Frolov.

NaftoGaz is also looking at Iraq as another major investment and growth opportunity in the region. Frolov led a high level Ukrainian delegation to Iraq reconstruction conference recently and discussed possibility of fetching contracts regarding reconstruction of various installations in Iraq.