The document was signed by Ukrainian Minister of Energy and Coal Industry Ihor Nasalyk and Vice President of the European Commission for Energy Union Maros Sefcovic at the EU-Ukraine Summit in Brussels, Belgium, on Thursday.
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, the European Commission said in a statement on Thursday.
Up until now cooperation focused mainly on energy security, nuclear safety, infrastructure and market reforms.
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.
Read alsoEU to assist Ukraine in raising investment in energy sector through reforms"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," Sefcovic said at the official signing ceremony. "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."
