Ukrainian billionaire Dimitri Firtash has associated with the Ukraine's public electricity producer to start exports to Romania and the Balkans.

According to Reuters, authorities in Kiev approved on Friday the joint venture of the Ukrenergo energy company and the energy and gas firm Emfesz from Hungary, partially owned by Ukrainian businessman Ivan Fursin.

State officials said they planned to export energy to Romania and the Balkans through a USSR-era line. According to Ukrenergo, the company has already integrated a considerable part of its energy transport with the European one.

The deputy head of Romania's National Agency for Energy Regulation Nicolae Opris told that Romania was importing small amounts of energy from Ukraine due to the lack of functionality of the transportation lines.

Even if there is another line passing Bulgaria on its way to Romania, Ukrainian companies need to fully integrate into the European energy transporters union.

Opris estimated that Ukrainian resources could be cheaper than what is currently offered on the market.

According to the Russian daily Kommersant, the giant Russian energy company Gazprom negotiated a partial takeover of Emfesz this summer. Additionally, it is widely known that Firtash and Gazprom are business partners.