First Deputy Prime Minister of Ukraine – Minister of Energy Denys Shmyhal spoke about the results of the visit by the Ukrainian delegation, led by President Volodymyr Zelenskyy, to Canada. According to him, a number of important agreements were reached in the energy sector, in particular regarding financial support provided by Canadian partners.
“CAD 757 million for energy security, CAD 200 million for energy projects and a new contribution to the Ukraine Energy Support Fund — these are the results of the Ukrainian delegation’s work in Canada in the energy sector, led by the President of Ukraine,” said First Deputy Prime Minister of Ukraine – Minister of Energy Denys Shmyhal, who participated in the delegation’s work.
The Minister of Energy specified that Canada will provide CAD 757 million through the European Bank for Reconstruction and Development (EBRD) for emergency natural gas purchases and the creation of reliable strategic fuel reserves ahead of winter.
According to Denys Shmyhal, work is underway on long-term agreements for the supply of LNG from Canada to Ukraine. Naftogaz of Ukraine and Kino Aski LNG signed a memorandum to explore opportunities for LNG supplies after 2032. Canadian supplies could be synchronised with Naftogaz’s capacities at the LNG terminal in Klaipėda for 2033–2044. The declared potential capacity of the Kino Aski LNG project is up to 15 million tonnes of LNG per year.
Ukraine is attracting Canadian investment in electricity generation and energy storage projects. During the visit, Naftogaz of Ukraine and Jacob Capital Management agreed to cooperate. At the first stage, potential investment projects in electricity generation will be developed.
The parties are deepening cooperation in the hydropower sector. Ukrhydroenergo and Export Development Canada (EDC) will cooperate on the procurement of equipment, technological solutions and services from Canadian suppliers for Ukrainian hydropower plants. We thank EDC for allocating CAD 200 million under the concessional financing mechanism for priority projects in Ukraine, including in the hydropower sector.
“We highly value our partners’ assistance in the process of restoring Ukraine’s energy sector. Canada’s CAD 10 million contribution to the Ukraine Energy Support Fund is of great importance for Ukraine’s energy resilience. Canada’s total contributions to the Fund amount to CAD 100 million. These funds have helped procure equipment for distribution grids, restore gas production infrastructure and provide autonomous power supply to hospitals, including in the frontline Kharkiv region,” Denys Shmyhal noted.
The Minister of Energy emphasized that Ukraine and Canada continue their strategic partnership in the nuclear and uranium sectors. Energoatom and Canadian company Cameco will continue cooperating to ensure long-term uranium supplies to Ukraine and conversion services through 2035.
“We formalized the relevant agreements in a joint statement with Canada’s Minister of Energy and Natural Resources Tim Hodgson. We thank Canada for its unwavering support and concrete steps to strengthen Ukraine’s energy security and resilience!” the First Deputy Prime Minister of Ukraine – Minister of Energy emphasized.
