RIYADH: Ukraine is actively seeking financial partnerships with Saudi Arabia to diversify its economy, focusing on cleantech, agriculture, and energy, according to a senior executive.
In an interview with Arab News, Maxim Timchenko, CEO of Ukrainian energy company DTEK, revealed that high-level governmental talks with the Public Investment Fund and other Saudi institutions regarding capital deployment in the country were in progress.
He said: “The main area of what we are discussing with PIF and other institutions is the deployment of capital in Ukraine and participation in cleantech, IT, agriculture, and energy sectors. These are the priorities where we work together so that you can be part of the recovery of Ukraine.”
Timchenko also outlined a recent meeting between DTEK representatives and the CEO of ACWA Power. They discussed potential opportunities for collaboration in Ukraine and other European countries.
“We have operating assets. We have some solar and wind parks in development. We want to be very active in battery storage and flexible capacity investment in the grid, and we disclosed all this, all these plans to ACWA Power and CEO,” Timchenko stated.
He added that they agreed to continue the dialogue at the government level because decisions needed to be made regarding the intensity at which ACWA Power could deploy capital in Ukraine and European projects.
Timchenko noted that discussions on May 17 primarily focused on establishing financial partnerships with Saudi Arabia to support Ukraine’s economic diversification.
“Ukraine has the second-largest deposits of natural gas on the European continent, and of course, your technologies, your resources, and knowledge of your companies will be very helpful to explore all this potential in the gas and oil industry in Ukraine,” the firm’s CEO said.
He added, “For us, it’s important to develop clean technologies and renewables, as we already discussed, but as well as become one of the major suppliers of natural gas to the European continent, and I think this is the area where we can build partnerships that your companies will come to Ukraine.”
Timchenko stressed that Ukraine and the firm are seeking investment opportunities from Saudi Arabia, which sponsored the fight between Ukrainian boxer Oleksandr Usyk and British boxer Tyson Fury, held in Riyadh on May 18.
He added these partnerships could position Ukraine as a major supplier of clean energy to Europe, with Saudi Arabia playing a significant role through its financial resources and strategic alignment.
DTEK, Ukraine’s largest private energy company, has invested over €1.5 billion ($1.63 billion) in renewables, establishing itself as a leader in the sector.
The company’s strategy aligns with Saudi Arabia’s vision for green transition and clean technologies.
