Norway Bolsters Ukraine's Energy Security with $98 Million Gas Donation

Norway donates 1 billion crowns to Ukraine to purchase natural gas, as Ukrainian reserves hit a 12-year low due to Russian missile attacks. The funds will aid state-run Naftogaz in building up reserves for winter, ensuring the nation's energy security.

In a strategic move to fortify Ukraine's energy security, Norway's government announced a donation of 1 billion crowns, equivalent to $98.29 million, for the purchase of natural gas. As the country braces for winter, this timely assistance aims to mitigate energy shortages exacerbated by Russian missile strikes.

Ukraine's gas reserves have plummeted to their lowest in over a decade, following damages to production facilities in the east. Currently, storage levels stand at less than one-third of capacity. State-owned Naftogaz is expected to use the donated funds to procure gas on the global market to prevent a shortfall.

The move comes after Analyst ExPro reported that Ukraine had 10 billion cubic metres of gas in storage by early August, though the energy ministry suggests that approximately 13 bcm is needed for the winter period. The Norwegian aid is a crucial element in Ukraine's broader strategy to stabilize its energy supplies.

(With inputs from agencies.)