These memorandums are crucial steps towards the restoration of the Ukrainian energy system.

“The most pressing issue at present is to bolster the Ukrainian energy system, which has been devastated by Russian attacks. We are focusing on decentralization and efficiency enhancement. Ukrnafta is now a part of this process, aligning with the company’s ESG strategy, particularly in terms of expanding the value chain. This is also significant from the perspective of the company’s social responsibility,” Sergii Koretskyi, CEO at Ukrnafta, stated at the Ukraine Recovery Conference URC-2024 in Berlin.

Two key memorandums were signed for the development of distributed electricity and heat generation in Ukraine.

The first is a memorandum of understanding with Siemens Energy Global GmbH & Co. KG, which will facilitate the development of new projects based on steam and gas turbines for combined heat and power generation.

The second memorandum is a cooperation agreement with Deutsche Bank AG. This will enable Ukrnafta to secure German funding for the construction of a new Ukrainian shunting power plant.

Ukrnafta, with the backing of the European Bank for Reconstruction and Development (EBRD) and the Cabinet of Ministers of Ukraine, has already initiated preparations for the construction of shunting power generation facilities.