Ukraine and the Republic of Korea to deepen cooperation in attracting investments to restore the energy sector

Ukraine and the Republic of Korea to deepen cooperation in attracting investments to restore the energy sector

Minister of Energy of Ukraine German Galushchenko met with a Korean delegation headed by Minister of Land, Infrastructure and Transport of the Republic of Korea Won Hee Ryong.

The Head of the Ministry of Energy briefed the Korean side on the state of Ukraine's energy system and the consequences of targeted russian attacks on energy facilities.

Herman Galushchenko thanked the Republic of Korea for its assistance to Ukraine's energy sector.  Since the beginning of russia's full-scale invasion of Ukraine, the Republic of Korea has delivered 10 cargoes of humanitarian aid, including 20 backup power plants and 5 mini-excavators, which are used, among other things, as part of a large-scale repair campaign at energy facilities. In addition, Ukrhydroenergo and the Korea Water Resources Corporation (K-water) signed a Memorandum that provides for cooperation on a pilot project to restore the Kakhovka HPP.

During the meeting, the parties confirmed their mutual interest in further cooperation in the hydropower sector.

They also discussed cooperation in the nuclear industry. German Galushchenko stressed that Ukraine, like the Republic of Korea, has neighbouring countries that pose potential threats to global nuclear safety.

«We have to cooperate closely in the nuclear industry, in particular to achieve the goals of ensuring nuclear and radiation safety at the global level. I believe that we have a lot of joint work ahead of us», the Minister said.

German Galushchenko emphasised the interest of the Ukrainian side in developing cooperation with the Republic of Korea in the implementation of small modular reactor technologies and the potential for the deployment of relevant research and production bases in Ukraine.

The parties also discussed the potential for cooperation in the field of renewable energy, in particular wind and solar energy.

Minister Won Hee Ryong, in turn, stressed the interest of Korean engineering and design companies in investing in the restoration of the Ukrainian energy sector. He also announced a planned visit to Ukraine by the Minister of Trade, Industry and Energy of the Republic of Korea, which will include discussions on specific cooperation projects to restore the Ukrainian energy sector, given the need to implement mechanisms for decentralising generation, as well as metering and smart electricity consumption in Ukraine.