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ZAGREB (Croatia), October 11 (SeeNews) - Croatian state-owned energy supplier Hrvatska Elektroprivreda (HEP) said it has signed a memorandum of understanding and business cooperation with privately-held Ukrainian energy group DTEK.
The document lays the basis for future cooperation and joint participation of the two companies on foreign markets, and joint investment in production of and trade in electricity, natural gas and other energy sources, HEP said in a statement on Thursday after signing the MoU with DTEK in the Croatian city of Split.
"We expect that our cooperation in the future would contribute to the growth and better business results of both partners. At the same time, it could give an additional contribution for meeting the strategic targets of the Croatian energy sector, including energy source diversification and strengthening Croatia's energy security and stability," the statement reads.
HEP noted it has been present in various ways in the past ten years on the European electricity and natural gas markets from Germany to Kosovo. It also holds a significant share of the electricity supply market in neighbouring Slovenia and its presence in Bosnia and Serbia is growing.
HEP is considering a further expansion on regional markets and beyond via its existing subsidiaries, or via establishing new companies and strategic partnerships, or via acquisitions. It eyes projects in the area of power production, mainly from renewable energy sources, as well as electricity and natural gas trading and supply projects, and energy efficiency schemes.
DTEK is the largest private energy company in Ukraine, the largest private natural gas producer and one of the top three renewable energy investors in the country, according to the statement. DTEK's current installed power capacity reaches 17 GW with the company supplying electricity to 3.6 million users.