Ukraine and Austria Sign Memorandum of Cooperation in Hydrogen Energy
Ukraine and Austria have officially signed a memorandum of cooperation in the field of renewable hydrogen. The document was signed by the First Deputy Prime Minister of Ukraine, Minister of Energy Denys Shmyhal, and the Federal Minister of Economy, Energy and Tourism of Austria, Wolfgang Hattmannsdorfer.
This is reported by AgroReview
Development of Hydrogen Energy and Joint Investments
The memorandum outlines the creation of modern facilities for hydrogen production, the formation of the necessary infrastructure for its storage and transportation, as well as attracting investments into this promising sector. In addition, the parties discussed several additional areas of cooperation. As noted by the head of Ukraine’s Ministry of Energy, leading manufacturers of energy equipment in Austria can be utilized for the modernization and recovery of Ukraine’s energy sector.
“Our partners are ready to provide us with equipment from their own thermal power plants to prepare for the next heating season. We are exploring this possibility. We also appreciate the contribution to the Energy Support Fund, which amounts to 15.5 million euros,” said the First Deputy Prime Minister.
Deepening Economic Cooperation and Investments
There is a noted strengthening of cooperation between Ukrainian and Austrian businesses in various segments of the energy sector. In particular, Austrian companies are actively utilizing Ukrainian underground storage facilities for natural gas storage. Among the key priorities for both parties is the further expansion of the use of these storage facilities and the implementation of joint projects in gas production.
Olexiy Sobolev, Minister of Economy, Environment and Agriculture of Ukraine, emphasized that Austria is among Ukraine’s main economic partners and remains one of the largest investors. In the first nine months of last year, trade turnover between the countries exceeded 1 billion dollars. Austrian companies continue their operations in Ukraine even amid the war, investing in the recovery of energy, infrastructure facilities, and industry. Furthermore, cooperation with banks, export credit agencies, and financial institutions is actively developing, which facilitates the attraction of private investments and the faster recovery of the country.