Business news from Ukraine

Business news from Ukraine

China to supply Serbia with wind turbines worth half billion euros

Chinese state-owned company Dongfang Wind Power has signed a contract worth 495 million euros within the framework of the Belt and Road Initiative to supply 48 wind turbines for a 300 MW wind power project in Serbia, Serbian Economist reports, citing the Chinese industry portal Seetao.

According to the sources, Dongfang has conducted detailed site studies and optimized the turbine design taking into account Serbian standards, climatic conditions and power grid parameters. The investor and contractor of the project is China Power Construction Group (PowerChina).

The project, which has been linked in publications to the Vetrozelena wind power plant in the Pancevo region (Vojvodina), involves the installation of turbines with a unit capacity of about 6.25 MW. The expected generation is estimated at about 750-774 million kWh per year.

Vetrozelena is the largest wind power plant under construction in Serbia, with Čibuk 1 with a capacity of 158 MW being the largest operating wind power facility in the country.

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Norway provides Ukraine with 4 bln kroner in aid to protect its energy sector

Foreign Minister Espen Barth Eide, who is visiting Kyiv, announced the allocation of 4 billion kroner in aid to Ukraine, which will be directed to the energy sector and the functioning of the Ukrainian state.

“Today in Kyiv, it is 16 degrees below zero. We can only imagine how cold it is when the electricity disappears, often for six hours at a time. This is money that Ukraine desperately needs and needs now. Several times a week, Russia attacks the infrastructure that provides electricity to ordinary people in Ukraine. Ensuring that Ukrainians can keep warm, cook food and live their lives more or less as usual is very important for them to be able to continue to endure this war. A war they are fighting on behalf of all of us,” Eide said.

It is noted that Norway is in constant dialogue with the authorities in Kyiv and other stakeholders regarding the distribution of Norwegian support to the energy sector. The goal is to meet Ukraine’s needs and share the risks. It is important to support energy production and strengthen the resilience of the energy sector.

‘It is necessary to finance the purchase of gas that can be delivered quickly. At the same time, it is necessary to repair damaged infrastructure and purchase spare parts,’ Eide explained.

Norway’s contribution will be channelled through partners such as the European Bank for Reconstruction and Development (EBRD) and the European Energy Community, which aims to extend the EU’s internal energy market to third countries such as Ukraine. This has been agreed with other key donors.

The official exchange rate on Monday was 1 Norwegian krone to 4.2606 hryvnia (or about $0.1).

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Portugal supported Ukraine’s energy sector with contribution of EUR600,000

Following a meeting with Portuguese Prime Minister Luís Montenegro, Ukrainian Prime Minister Yulia Svyrydenko announced the country’s first contribution to the Energy Support Fund for Ukraine in the amount of EUR600,000.

“During the meeting, the Prime Minister of Portugal announced the first contribution to the Energy Support Fund for Ukraine in the amount of EUR600,000. We highly appreciate this step by our partners,” the Telegram message said.

The parties also discussed Portugal’s defense support for Ukraine, in particular through the PURL and SAFE mechanisms, as well as the Build in Ukraine and Build with Ukraine initiatives, which have significant potential for developing cooperation, particularly in the field of joint drone production.

In the context of preparations for the next Conference on the Reconstruction of Ukraine, the parties agreed to work on the conclusion of an intergovernmental agreement (G2G) to promote the involvement of Portuguese business and investment in the Ukrainian market.

“I also emphasized to the Prime Minister that Ukraine is grateful to the leaders of the European Union for their decision to provide Ukraine with EUR 90 billion in funding over two years — this is incredibly important assistance for Ukraine,” the Prime Minister stressed.

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Europe’s largest wind turbine begins operation in Montenegro

According to Serbian Economist, Montenegro’s state-owned energy company Elektroprivreda Crne Gore (EPCG) has announced the installation of Europe’s largest wind turbine at the Gvozd wind farm, which is currently under construction, marking the project’s transition to its final phase, Montenegrin media reported, citing a statement from the company.

According to EPCG, the first 7 MW wind turbine with a tower height of about 120 m and blades 85 m long has been successfully installed at the Gvozd wind farm site. The company specified that upon completion of pre-installation work and equipment delivery in the coming weeks, the accelerated installation of the remaining units will begin, followed by trial operation and final technical testing of the entire complex.

EPCG notes that the Gvoz wind farm should significantly improve the stability and reliability of Montenegro’s energy system, increase the share of renewable sources in the generation structure and further strengthen the country’s position as one of the regional leaders in green energy transformation. The project is being implemented in accordance with European technical, environmental and safety standards.

EPCG Chairman of the Board Milutin Djukanovic said that the installation of the largest wind turbine in Europe confirms Montenegro’s ability to implement projects comparable in scale and technology to the most advanced energy systems in the EU.

EPCG previously reported that upon completion, the Gvozde wind farm will generate approximately 150 GWh of electricity per year, which will cover the consumption of about 25,000 households without the use of subsidies from the state budget.

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SAP prosecutor confirms former energy minister’s involvement in Midas corruption scheme

Former Energy Minister Herman Galushchenko was a member of a criminal organization involved in large-scale money laundering, in particular at NAEK Energoatom, which was exposed as part of the NABU/SAP operation “Midas.” He was given the pseudonyms ‘Sigismund’ or “Professor,” according to SAPO prosecutor Serhiy Savitsky.

“All members of the criminal organization were aware of the risk of exposure, so pseudonyms were established for individuals for the purpose of conspiracy. For the Minister of Energy – ‘Sigismund’ or, in conversation with Mironyuk and Basov – ”Professor,“ for Deputy Prime Minister Chernyshov – Che Guevara,” Savitsky said while reading the Midas case materials in the High Anti-Corruption Court, which is currently deciding on a preventive measure for one of the defendants in the case, Igor Mironyuk.

In the NABU/SAPO investigation, he is referred to as a former advisor to the Minister of Energy.

Mironyuk himself called himself Galushchenko’s lawyer in court.

The SAPO prosecutor also noted that Timur Mindich, whom the PO participants called its leader, like Mikhail Zuckerman, had influence over Galushchenko and former Defense Minister Rustem Umerov.

The SAPO prosecutor is requesting that Myronyuk be taken into custody as a preventive measure due to the risk of him fleeing abroad.

As reported, one of the figures in the case, a member of the National Commission for State Regulation of Energy and Public Utilities (NKREKU), left Ukraine last night. Sources from the Energorforma internet portal in the government claim that he had been approved for a business trip to Warsaw until the end of the week. We are awaiting a response to the official request from the NEURC.

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NABU conducts large-scale operation to expose corruption in Ukraine’s energy sector

The National Anti-Corruption Bureau of Ukraine (NABU) and the Specialized Anti-Corruption Prosecutor’s Office (SAP) are conducting a large-scale operation to expose corruption in the energy sector, according to a report on NABU’s Telegram channel on Monday morning.

“15 months of work and 1,000 hours of audio recordings. The activities of a high-level criminal organization have been documented. Its members have built a large-scale corruption scheme to influence strategic enterprises in the public sector, in particular JSC ”NAEK “Energoatom.” Details to follow,” the message says.

A message with identical content was published on the SAP’s Telegram channel.

Earlier, the media and MP Yaroslav Zheleznyak (Golos faction) reported on searches at the home of Timur Mindich, co-owner of the Kvartal 95 studio, Minister of Justice Herman Galushchenko, and at NAEK Energoatom JSC.

Zheleznyak said that the statement on corruption at Energoatom was filed by him and his colleagues. According to the MP, “Mindyich, Herman, Energoatom — all are in our investigation and in one subsequent statement to NABU.”

Later, he wrote in a telegram that “this is not all.”

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