European Commission Vice-President for Energy Union Maroš Šefčovič and Energy Minister of Ukraine, Ihor Nasalyk, signed a new Memorandum of Understanding on a Strategic Energy Partnership between the EU and Ukraine, European Commission's press centre reports
The Memorandum of Understanding aims to invigorate energy cooperation between the EU and Ukraine, reads the statement.
The new agreement will broaden the cooperation in all areas, including energy efficiency and renewable energy, as well as aim to create more certainty for investors. Up until now, cooperation focused mainly on energy security, nuclear safety, infrastructure and market reforms.
Vice-President Šefčovič said: "Ukraine has been a long-standing strategic energy partner for the EU. It has been a reliable transit country for transporting Russian gas to EU countries even during recent turbulent times. We want to maintain Ukraine as an important transit country also for the future. Ukraine fully supports the Energy Union and wants to be a strategic partner in its implementation. It is now time to expand our energy cooperation and attract more investment in all other areas of energy, including renewables and energy efficiency."
European Commissioner for Energy and Climate Action Miguel Arias Cañete said: "The signature of today's Memorandum of Understanding is recognition of the significant reforms Ukraine has undertaken in the gas sector over the past two years. For Ukrainian citizens to reap the full benefits of a reformed energy sector, it is clear that the reforms will have to continue and be extended to all other areas of the energy sector. The EU will offer its full support in this process. Ukraine is our biggest partner within the Energy Community and it is crucial that we coordinate our policies and share the same rules for the energy market, including on environmental and climate objectives. In this regard, I welcome Ukraine's ratification of the Paris agreement."
The Memorandum of Understanding replaces the Memorandum which was signed back in 2005 between the EU and Ukraine on cooperation in the field of energy. The Memorandum of Understanding foresees enhanced cooperation on a number of energy topics, from energy security to full market integration, energy efficiency and the decarbonisation of the economy to research and cooperation. The Memorandum of Understanding covers an initial period of 10 years and will be implemented through annual priority work plans.