Canada will provide Ukraine with 757 million Canadian dollars, or approximately $546 million, for emergency purchases of natural gas and the creation of strategic fuel reserves ahead of winter. This was reported by Ukraine’s Ministry of Energy following the work of the Ukrainian delegation in Canada, led by President Volodymyr Zelenskyy, UNN reports.
Details
The funds will be provided through the European Bank for Reconstruction and Development. Ukraine and Canada are also working on long-term agreements concerning the supply of liquefied natural gas.
Naftogaz of Ukraine and Kino Aski LNG signed a memorandum on possible LNG supplies after 2032. They are planned to be synchronized with Naftogaz’s capacity at the LNG terminal in Klaipėda in 2033–2044. The potential capacity of the Kino Aski LNG project is up to 15 million tonnes of LNG per year.
Another $144 million for energy projects
Export Development Canada is allocating 200 million Canadian dollars, or approximately $144 million, under a concessional financing mechanism for priority projects in Ukraine. In particular, this concerns the purchase of Canadian equipment, technologies, and services for Ukrainian hydroelectric power plants.
Canada will also make a new contribution to the Ukraine Energy Support Fund – 10 million Canadian dollars, or approximately $7.2 million. The total amount of Canada’s contributions to the fund will thus amount to approximately $72 million.
In addition, Naftogaz reached an agreement on cooperation with Jacob Capital Management regarding investments in power generation and electricity storage systems. Energoatom and Canada’s Cameco will continue cooperation on long-term uranium supplies and conversion services through 2035.
The calculations were made using the current exchange rate of approximately 0.72 US dollars per 1 Canadian dollar.