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Ukrnafta inks deal with American Petroleum Institute

Ukrainian energy company Ukrnafta announced on Friday (27 October) that it has signed a memorandum of understanding with the US trade association American Petroleum Institute (API).

The memorandum provides Ukranafta with access to globally recognised API industry standards. The company’s specialists will participate in meetings and working groups focused on the development and discussion of leading international practices. Additionally, API and Ukrnafta will be able to jointly organise events on standardisation, training, certification, and safety, according to the document.

As said by Ukrnafta’s Director Serhiy Koretsky, this is the most strategic step for the national oil and gas industry in its long history. “The Ukrainian oil and gas industry has a glorious history, powerful experience, and great development prospects. However, for a long time, we have been dependent on Soviet, Russian, and Belarusian equipment,” noted Mr Koretsky. “The API Memorandum is intended to change this once and for all. The signed agreement confirms the commitment of both parties to enhance Ukraine’s energy independence and move away from Russian standards, equipment, and operations.”

API was founded in 1919. Since then, the organisation has developed over 800 standards to improve operational safety and the environment, efficiency and resilience. The association represents around 600 members from all segments of the US oil and gas industry.

“As the world’s leading organisation setting standards for the natural gas and oil industry, API is honoured to initiate new collaborative relations with ‘Ukrnafta’,” said Anchal Liddar, API’s Senior Vice President of Global Industry Services. “This alliance strengthens our shared vision of strengthening Ukraine’s energy infrastructure and independence based on our world-class standards.”

The memorandum is also expected to significantly enhance Ukrnafta’s efficiency and incorporate the best global technology practices into the development of the Ukrainian oil industry, the company said in a press release.

“In fact, this memorandum opens the door to our future. We will be able to exchange information about annual programs, standard development plans, and best practices, which will enable us to understand how the world will evolve and what ‘Ukrnafta’ needs to do to be in line with the benchmarks that drive progress in the oil and gas industry,” said Mr Koretsky.

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