Business news from Ukraine

UKRAINE, POLAND, U.S. SIGN COOPERATION MEMORANDUM IN GAS SECTOR

Ukraine, Poland and the United States on Saturday, August 31, signed an agreement on cooperation in the gas sector, National Security and Defense Council (NSDC) of Ukraine Oleksandr Danilyuk said.
“At a meeting with U.S. Secretary of Energy Rick Perry, which preceded the signing of the Memorandum, we discussed the importance of diversifying the risks dictated by dependence on Russian gas supplies, both for Ukraine and Poland. One of the steps to ensure energy independence of our state will be the supply of liquefied gas through Poland, “he wrote on his Facebook page on Saturday night.
Danyliuk considers the signing of the memorandum historically important for Ukraine.
“A historic day. Another step towards diversifying gas supplies to Ukraine,” Danyliuk said.

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POROSHENKO SIGNS LAW ON RATIFICATION OF UKRAINE-EU MEMORANDUM ON EUR 1 BN IN MACROFINANCIAL ASSISTANCE

President Petro Poroshenko of Ukraine has signed the law on ratification of a memorandum of mutual understanding between Ukraine and the European Union on the allocation to Ukraine of macrofinancial assistance from the European Union to the tune of EUR 1 billion, the presidential website said. By implementing the memorandum, Ukraine will be able to receive additional funding from the EU to the tune of EUR 1 billion to be used for purposes stated in the national budget.
In order to receive each of the two tranches of the EU’s financial assistance to the tune of EUR 500 million each, Ukraine must meet certain conditions that have been agreed upon by the parties in such areas as tax and customs policy, fighting corrupting, small-scale privatization, management of state-run enterprises, corporate management in state-owned banks and banking supervision, and further reforms in power industry, health care, and social care.
As was earlier reported, the Verkhovna Rada ratified the memorandum on November 8, 2018.
The agreements were signed in Kyiv on September 14, 2018, following President Poroshenko’s earlier agreements with leaders of EU institutions as a result of the East Partnership Summit that took place in Brussels on November 23, 2017, and the 20th Ukraine-the EU summit that was held in Kyiv on July 9, 2018.

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TURBOATOM AND JAPANESE TOSHIBA SIGN MEMORANDUM ON TURBINES MODERNIZATION

Kharkiv-based JSC Turboatom and Japanese Toshiba Energy Systems & Solutions Corporation have signed a memorandum of understanding in the field of nuclear energy, the press service of SE NNEGC Energoatom has said. The companies agreed on the beginning of cooperation aimed to implement projects of turbine equipment modernization of machine halls at nuclear power plants (NPPs), it said.
“The cooperation between Turboatom and Toshiba will be based on high potential and great experience of both companies in studying and realizing new engineering and technical solutions in the field of nuclear energy,” the press service said in a statement.
According to Turboatom’s CEO Viktor Subotin, his company together with Toshiba will soon determine priority projects and will be able to agree on a plan of joint actions at the 10th International Economic Forum in Kharkiv in September. “Our company implements large-scale programs for improving safety, reliability and performance of the power units at Ukrainian NPPs. I am confident that the cooperation of our partners, Turboatom and Toshiba, will contribute to the development of energy engineering in Ukraine and consequently boost the efficiency of modernization of the Ukrainian NPPs’ equipment,” Energoatom President Yuriy Nedashkovsky said.
“The signed memorandum is a step that gives the possibility to contribute to the uprate of energy equipment for Ukrainian NPPs as well as for nuclear energy facilities in other countries. I am really happy that Toshiba will contribute to making more complete decisions in the field of nuclear energy together with Turboatom due to the fact that our companies are leaders in NPP equipment manufacturing,” Vice President of Toshiba Energy Systems & Solutions Corporation Goro Yanase said.
As reported, a memorandum of understanding in the nuclear power industry was signed between Energoatom and Toshiba Energy Systems & Solutions Corporation in October 2017 to develop cooperation on the modernization of turbines and generators at Ukraine’s nuclear power plants.
Turboatom is the only manufacturer of turbine equipment for hydro, thermal and nuclear power plants in Ukraine. It exports commodities to 45 countries and regions in Europe, Asia, America and Africa.

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