Orlen and Natfogaz Signed MoU to Deepen Energy Ties

SEATTLE (Oil Monster): Naftogaz Group- Ukraine’s state-owned energy company announced that it has signed a Memorandum of Understanding (MoU) with Polish Orlen towards strengthening strategic initiatives in the energy sector.

The MoU was inked yesterday in a ceremony held in Ukraine. The signatories of the agreement were Sergii Koretskyi, Chief Executive Officer, Naftogaz and Ireneusz Fafara, CEO and President of the Management Board, Orlen.

Under the terms of the agreement, the two parties will take steps to deliver enhanced co-operation in several areas, including upstream production and field development. It will also focus on efforts to restore energy infrastructure being damaged by war. Additionally, the entities will cooperate on various joint energy projects.

In addition, the MoU calls for cross border collaboration and supply of natural gas and petroleum products.

Koretskyi noted that the MoU will elevate the cooperation between the two entities to a fundamentally new level. Furthermore, he expressed gratitude to Polish partners for their sincere support to Ukraine.

The MoU is considered as an extension to the existing cooperation between the entities in natural gas sector. Under the terms of a long term agreement signed in March this year, Orlen will deliver 300 million cubic meters (cbm) of LNG sourced from the U.S. to Ukraine.