Ukraine's prime minister Julia Tymoshenko has told a visiting Saudi delegation that her country is willing to import oil from the Kingdom of Saudi Arabia and take other measures to correct the balance of trade which tilts heavily in Ukraine's favor. It is the first time ever that Ukraine has offered to import Saudi oil as part of its move to diversify its sources of oil supply, which was mainly from Russia. The new direction in its foreign and economic policy has come in the wake of the recent elections in Ukraine, whose new President Viktor Yushchenko has pledged to follow an independent foreign policy. In an interview with Arab News, Oleg Todchuk, head of Trade and Economic Mission at the Ukrainian Embassy, said Ukraine's offer to bolster economic and political relations was extended during a landmark meeting that Prime Minister Julia Tymoshenko had in Kiev recently with a Saudi delegation led by Abdulrahman Al-Jeraisy, Chairman of the Council of Saudi Chambers of Commerce and Industry. He said the meeting was significant, since it resulted in the signing of a Memorandum of Understanding (MoU) for the establishment of Saudi-Ukrainian Business Council. "The Ukrainian chapter of the Joint Business Council (JBC) was set up last year. Very soon there will be a Saudi chapter of the JBC," Todchuk said. He added that such a step could go a long way in giving a boost to bilateral trade that stood at $ 244.1 million last year. Saudi exports to that country - mainly chemical and petrochemical products - were valued at $2.5 million. Ukraine's exports to the Kingdom, worth $241.6 million, comprised barley, steel and construction material. --MORE 1017 Local Time 0717 GMT
