Economy

Ukraine, Qatar sign memorandum on cooperation in oil and gas sector

Ukraine, Qatar sign memorandum on cooperation in oil and gas sector

The Ukrainian Energy Ministry and Qatar Petroleum have signed a memorandum of understanding on energy cooperation, the ministry’s press service has reported.

The document was signed by Ukraine’s Acting Energy Minister Yuriy Vitrenko and President and CEO of Qatar Petroleum, Minister of State for Energy Affairs Saad bin Sherida Al-Kaabi.

The two states intend to develop cooperation in the areas of investments from Qatar in gas exploration and production in Ukraine, as well as LNG from Qatar to Ukraine.

“Cooperation in the oil and gas sector of Ukraine and Qatar is promising and important to our country. Qatar is one of the world’s largest gas producers and it has valuable experience and significant financial resources to invest in gas exploration and production in Ukraine. Increasing our own gas production, diversification of gas supply sources is in the interests of gas consumers in Ukraine and will contribute to sustainable economic development and strengthening Ukraine’s energy security,” said Vitrenko, who is currently on a visit to Doha, Qatar.

The memorandum will remain in force for three years and could be automatically extended for the same period.

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