Business news

GOMEL, 25 October (BelTA) – The Belarusian industrial group Belorusneft and the Ukrainian gas extraction company Ukrgasvydobuvannya have signed a memorandum on expanding cooperation and strategic partnership and two contracts worth over €10 million. The documents were signed during the 1^st Forum of Regions of Belarus and Ukraine in Gomel on 25 October, BelTA has learned.

Belorusneft signed two contracts worth €10.36 million with Ukrainian partners. The documents verify that Belorusneft will continue providing services to Ukrgasvydobuvannya. One contract provides for performing hydrocracking operations. The other one provides for repairing wells using coiled tubing technology.

The memorandum on expanding cooperation and strategic partnership mentions hydrocarbon extraction, seismic exploration, drilling and overhaul of wells in Ukraine as well as the delivery of oil equipment made by the Belarusian industrial group. The document also envisages the development of a joint cooperation concept.

Ukrgasvydobuvannya Chairman of the Board Oleg Prokhorenko said: “We are extremely satisfied with the quality of Belorusneft’s work. I mean all the oil industry services. We began with hydrocracking two years ago. Belorusneft was one of the pioneers offering this service on the Ukrainian market. The company has earned a reputation as a reliable high-tech partner, which is always ready to meet customer’s requirements. We are getting new opportunities thanks to Belorusneft’s experience. We’ve started drilling lateral holes this year as a trial where Belorusneft offered its services. We intend to actively develop this direction.”

Belorusneft has been working in Ukraine since 2012 and with Ukrgasvydobuvannya since 2016. The first joint large-scale project – hydraulic fracturing – has been expanded with contracts for drilling wells and lateral holes, for flushing wells and developing wells using coiled tubing, contracts for 3D seismic exploration.

Ukrgasvydobuvannya is Ukraine's largest natural gas and gas condensate extracting company, which performs all the operations involved in gas extraction starting with surveying and ending with retailing processed hydrocarbons.