The deals are focussing on the Ukrainian energy sector and comes after a visit by Qatari ministers in Ukraine.
The Qatari Acting Minister of Finance, HE Ali bin Ahmed Al Kuwari, recently visited Ukraine, where he met with the Ukrainian Prime Minister Denys Smyhal to discuss trade relations, writes UBN. Bilateral trade between the two countries has recently grown to 146 million dollars between 2017-2020, and the two countries are eager to build on that success.
Among other things, Ukraine and Qatar decided to cooperate in the energy sector and they signed a protocol to enhance cooperation in energy efficiency, renewable energy and gas.
“LNG is one of the alternative directions of natural gas supply to Ukraine, which can ensure the diversification of energy supplies. This will help strengthen Ukraine’s energy security after 2024,” said Ukraine’s Deputy Energy Minister Maksym Nemchynov, according to Ukrinform.
“The geopolitical situation and the reduction of transit volumes make us look for new areas of trade and cooperation to ensure the loading of our own gas transmission system. That is why cooperation with the State of Qatar in terms of LNG supplies is an important priority for us,” Nemchynov added.
Large gas potential
Nemchynov added that Ukraine has a larger potential in the gas market. Nord Stream 2 will damage Ukraines role as a transit land for gas, but there will be new opportunities, he said. Ukrinform writes that Ukraine will have the possibility to transit gas to and from other countries such as Slovakia, Hungary, Poland and now Qatar in the future.
The Ukrainian company Naftogaz also recently announced that Ukraine has discovered new gas reserves in the Poltava Region and Ukraine is in general optimistic.
“Studying the geology of new areas and discovering new fields is Naftogaz’s top priority. This is the only way to increase our resource base and stabilize gas production in Ukraine. Naftogaz is actively exploring all new prospective areas in its portfolio,” wrote Naftogaz.
Nemchynov hopes that Qatar can help Ukraine in the gas sector, when it comes to gas transmission, efficiency, construction of gas plants and transport. However, Ukraine is also hoping for Qatari support, when it comes to the oil refining and hydrocarbon business.