Ukraine’s state-owned energy company Naftogaz has signed a memorandum of understanding (MoU) with the U.S.-headquartered energy technology giant Baker Hughes to develop prospects to boost Ukraine energy sector.
The companies, Naftogaz, Baker Hughes signed an MOU to explore the new technical, operational, and commercial opportunities in various energy sectors. The memorandum of understanding (MoU) includes oil and gas extraction, transportation, storage, and processing, carbon capture technologies, and electricity generation, among others.
Drilling and well construction services and equipment, emission reduction technologies, carbon capture projects, subsurface operations and production process equipment, and asset management and drilling optimization software are some of the areas the two companies plan to collaborate on.
“Naftogaz Group is building collaboration frameworks that help Ukraine overcome wartime challenges, implement modern energy solutions, and strengthen energy independence. Baker Hughes has global expertise across the energy value chain, and we see great potential in this cooperation,” said Sergii Koretskyi, Chief Executive Officer (CEO) of Naftogaz.
Along with Naftogaz signed MOU with Baker Hughes, the U.S. player also signed a separate MoU with JSC Ukrtransgaz, a member of Naftogaz Group, to negotiate and evaluate the possibility of using Baker Hughes’ gas technology equipment portfolio for Ukrainian underground gas storage and power generation projects to boost Ukraine Energy sector.
Paolo Noccioni, President, Nuovo Pignone, Baker Hughes, noted: “Baker Hughes is committed to supporting Naftogaz Group and companies in Ukraine with its energy technology solutions portfolio and expertise.”
“The ultimate goal of our companies is to contribute to the energy security and decarbonisation of Ukraine’s energy sector and support the eventual reconstruction of the country’s economy through reliable and modern energy solutions.”
In addition to technology, the Ukrainian player will soon be receiving U.S.-originated liquefied natural gas (LNG) under an agreement with Poland’s Orlen for the supply of 440 million cubic meters of LNG.
