The purpose of the updated Memorandum is full integration of the Ukrainian and EU energy markets.
Ukraine and the European Union in cooperation with the European Atomic Energy Community signed the Memorandum of Understanding on Strategic Energy Partnership. The document was signed in Brussels in the framework of the 18th EU-Ukraine summit.
The annotation to the Memorandum states that this document updates the strategic energy partnership with Ukraine envisaged in the EU Energy Union Strategy on February 25, 2015.
The purpose of the updated Memorandum is full integration of the Ukrainian and EU energy markets in the interests of consumers and consideration of the need for mutual improvement of power supply safety and environmental protection in the energy field.
Recognizing the need to develop Ukraine’s energy infrastructure and implement projects on enhancing its integration into EU energy infrastructure, the parties agree under the memorandum on cooperation in investment and financing.
Ukraine and the EU seek to work together in order to arrange their respective energy strategies and expand cooperation tools in the following areas: energy security, solidarity and trust; integration of energy markets; energy efficiency; economy decarbonization; research and innovation.
Regular meetings at ministerial level and, if necessary, at other levels are envisaged to discuss Memorandum implementation and define the priorities of activity based on annual working plans.
The Memorandum of Understanding between the European Union and Ukraine on Co-operation in Energy Field signed on 1 December 2005 expires since entry into force of the updated Memorandum.
The Memorandum was signed for ten years envisaging its possible revision and extension. The Memorandum shall enter into force the first day after its signing by the both parties.