Canada to boost investments in Ukraine's energy sector

cross-posted from: https://scribe.disroot.org/post/7297964

• Canada expands support for Ukraine's energy sector and security
• Russian strikes severely damage Ukraine’s power grid
• New partnership targets investment, non‑Russian energy supplies

Canada will step up support to Ukraine's energy sector, working with industry to supply oil and gas equipment on favourable terms and boost renewable energy investments, the two governments said on Wednesday.

Russia has targeted power stations, electricity transmission lines and gas facilities as part of its full-scale invasion of Ukraine, which began in February 2022. Russian strikes this week on Ukrainian power infrastructure killed three people and left tens of thousands without power and heat.

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On Wednesday, Ukraine and Canada agreed on a strategic energy partnership at a meeting in Paris, where Canada's government said it would work with industry to transfer oil and gas sector equipment to Ukraine on concessional terms, and promote investments in Ukraine's energy security.

Canada will also alert domestic industries to opportunities to invest in Ukrainian renewable energy projects and reconstruction of hydropower plants, according to the published agreement.

"This is not simply reconstruction. It is modernization under pressure," Canadian energy minister Tim Hodgson told reporters.

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The two sides will carry out risk assessments and exercises to counter hybrid threats to energy infrastructure, and strengthen commercial relations on nuclear fuel supply.

The deal, which includes sharing technical advice on developing infrastructure for non-Russian gas supplies to Ukraine, is not legally binding and planned investments would need to be followed up with companies.

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