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The companies are looking to strengthen fuel supply security for the Ukrainian market, state news agency MTI reports.
The proposed facilities would be located in Hungary. Naftogaz said in a statement on Sunday that the agreement covers their joint development and potential implementation.
“Amid ongoing Russian attacks on our fuel infrastructure, diversifying supply routes and creating additional storage capacity beyond the reach of attacks are vital to the stability of the entire market,” said acting Naftogaz CEO Sergii Fedorenko.
The initiative would provide additional storage outside Ukraine as the country seeks to protect fuel supplies from disruptions caused by attacks on its infrastructure.
“In the longer term, implementing this joint project will not only enhance the reliability of fuel supplies to Ukrainian consumers, but also contribute to the mutually beneficial development of cross-border energy infrastructure between Ukraine and Hungary,” Fedorenko added.
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