Ukrenergo, Hyundai E&C sign memorandum of understanding

MOSCOW. Nov 15 (Interfax) - Ukrenergo Board Chairman Vladimir Kudritsky and Hyundai Engineering & Construction Regional Director for Europe and North America Hyunghwan Park signed a memorandum of understanding at the ReBuild Ukraine conference in Warsaw, Ukrainian media have reported with reference to Kudritsky's social media post.

"We have formalized our intention to jointly explore future areas of cooperation and a potential possibility of Hyundai E&C companies' involvement in Ukrenergo's projects. This is a logical step after the South Korean government declared at the G20 summit that it was willing to earmark $2.3 billion within two years for rebuilding Ukrainian infrastructure," Kudritsky said.

A Ukrenergo team had a number of meetings with officials and business representatives from the United States, Canada, Finland, Norway, and South Korea at the conference, he said.

"The governments of these countries have said earlier that they plan to earmark over $4 billion in aggregate for Ukraine's reconstruction within the next few years. However, our partners and investors need specific projects for investments. We've discussed possible investments in the development of interconnectors between countries, the construction of energy storage systems, and decentralized power generation with them," Kudritsky said.

He said he was sure that businesses around the world are looking for opportunities to invest in Ukraine, and the Ukrainian energy sector should be viewed as a key one for successful investment in its development.

"As a grid operator, we stand ready to help Hyundai E&C, as well as other companies, to productively analyze the investment appeal of energy projects," Kudritsky said.