Business news from Ukraine

Ukrnafta and American Petroleum Institute sign memorandum of understanding

PJSC Ukrnafta and the American Petroleum Institute (API) have signed a memorandum of understanding, according to which the company will have access to API standards agreed by the global industry community.

“Our experts will take part in meetings and working groups focused on developing and discussing top international practices. API and Ukrnafta will be able to jointly organize standardization, training, certification and safety events,” the company said in a press release on Friday.

According to the document, citing Ukrnafta CEO Serhiy Koretsky, this is the most strategic step for the national oil industry in many years of its existence.

“The Ukrainian oil and gas industry has a glorious history, strong experience and great development prospects. However, we have long been dependent on Soviet, Russian and Belarusian equipment. The API Memorandum should change this for good,” the CEO said.

The signed agreement confirms the commitment of both parties to strengthen Ukraine’s energy independence and its move away from Russian standards, equipment and operations.

According to the press release, quoting API Senior Vice President of Global Industry Services Anchal Liddar, API, as the world’s premier standard-setting organization for the natural gas and oil industries, is honored to begin a new cooperative relationship with Ukrnafta.

“This alliance reinforces our shared vision of strengthening Ukraine’s energy infrastructure and independence based on our world-class standards,” said Liddar.

For his part, according to the Ukrnafta CEO, the memorandum actually opens the door to the future for the company.

“We will be able to exchange information about annual programs, plans for the development of standards and best practices, which will allow us to understand how the world will develop and what Ukrnafta needs to do to be on the same page with the benchmarks that drive progress in the oil and gas industry,” Koretsky explained.

It is noted that the memorandum of understanding with API will allow Ukrnafta to significantly increase its efficiency and attract the best examples of world technologies to the development of the Ukrainian oil industry.

“This is one of the key projects of the company’s transformation in the coming years, which will allow Ukraine to gain the desired energy independence,” the press release says.

API was established in 1919. Since then, the organization has developed more than 800 standards to improve operational and environmental safety, efficiency, and sustainability.

Currently, API represents all segments of the American oil and gas industry. About 600 members of the organization produce, process and distribute most of the energy in the United States and participate in the API Energy Excellence® program, which accelerates progress in environmental and safety protection through the introduction of new technologies and transparent reporting.

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