Ukraine Seeks Financial Partnerships with Saudi Arabia for Economic Diversification
In a bold move to diversify its economy, Ukraine is actively seeking financial partnerships with Saudi Arabia, focusing on cleantech, agriculture, and energy sectors. According to Maxim Timchenko, CEO of Ukrainian energy company DTEK, high-level governmental talks with the Public Investment Fund and other Saudi institutions are underway to discuss capital deployment in the country.
Exploring Opportunities for Collaboration in Cleantech and Energy Sectors
Timchenko revealed in an interview with Arab News that discussions with PIF and other institutions revolve around the deployment of capital in Ukraine and participation in cleantech, IT, agriculture, and energy sectors. The aim is to work together towards the recovery of Ukraine, with a focus on clean technologies and renewable energy.
DTEK representatives recently met with the CEO of ACWA Power to explore potential collaboration opportunities in Ukraine and other European countries. Timchenko highlighted their interest in solar and wind parks development, battery storage, and flexible capacity investment in the grid.
Building Financial Partnerships for Economic Diversification
Timchenko emphasized the importance of establishing financial partnerships with Saudi Arabia to support Ukraine’s economic diversification. With Ukraine having significant natural gas deposits, the partnership aims to leverage Saudi technologies and resources to explore the gas and oil industry potential in the country.
The discussions also focused on positioning Ukraine as a major supplier of clean energy to Europe, with Saudi Arabia’s financial resources and strategic alignment playing a crucial role. DTEK, Ukraine’s largest private energy company, has already invested over €1.5 billion ($1.63 billion) in renewables, aligning its strategy with Saudi Arabia’s vision for green transition and clean technologies.