MEMORANDUM ON COOPERATION IN POWER INDUSTRY between UKRAINE and Russia signed. The republics' energy systems set to operate in synch

A memorandum on cooperation in the field of electric power industry between the Russia and Ukraine was signed today in the city of Dniepropetrovsk within the framework of Russian President Vladimir Putin's visit to Ukraine. Anatoli Chubais, the head of Russia’s giant power grid United Energy Systems, and Ukrainian Vice-Premier Oleg Dubina signed the document. The latter envisages restoration of a synchronized operation of Ukraine’s and Russia’s energy systems. The parties agreed to carry out commercial power supplies, to cooperate in the field of investments, and also export the energy, including a transit of Russian electricity through Ukrainian grids. A synchronized operation of both energy systems was terminated in 1999 due to mismanagement and huge indebtedness on the part of Ukraine. In the meantime, Russia’s energy system is already operating in synch with those of Belarus, and also with the unified energy system of the Central Asia and Kazakhstan. With joining of Ukraine’s energy system, the energy system of the former USSR will be virtually restored – the world’s largest and unique in a number of parameters.