NEWS RELEASES
AXWORTHY TRADE MISSION EXPANDS BUSINESS LINKS WITH UKRAINE
October 24, 1996 No. 196
AXWORTHY TRADE MISSION EXPANDS BUSINESS LINKS WITH
UKRAINE
Foreign Affairs Minister Lloyd Axworthy, in Kyiv with a delegation of more than 70
senior business representatives, today witnessed the signing of agreements between
Canadian businesses and Ukrainian partners worth some $600 million. Mr. Axworthy
also co-chaired the inaugural session of the Intergovernmental Economic
Commission, organized to support and facilitate business and trade co-operation
between Canada and Ukraine.
"Important Canada-Ukraine initiatives in the oil and gas and construction and
building materials sectors underline the success of this mission," said Mr.
Axworthy. "Canadians and Ukrainians will benefit for years to come as a result of
the investments announced today in Kyiv."
Among the business agreements signed in Kyiv were the following:
Northland Power has signed an agreement valued at $150 million to renovate the
Darnytsia Power Plant in Kyiv, which will supply electricity and district heating
to 900 000 people in the Kyiv area. This project will produce a significant
savings for Ukrainian imports of natural gas and increase the availability of
electricity in the Kyiv area.
SNC Lavalin has signed a protocol of intent with its Ukrainian partners to build
a World Trade Centre in Kyiv, valued at $400 million.
The Ukraine Enterprise Fund has signed an agreement with Electron Bank valued at
$5 million.
Western Combines has formed a joint venture worth $12 million to produce grain
harvesting machinery in Ukraine.
Kashtan Oil has arranged a joint venture with Ukranafta (Ukran Oil) to develop
Leliaky Field. Production is scheduled to begin on November 1, 1996.
During his visit in Ukraine, Mr. Axworthy also encouraged Ukrainian government and
business representatives to support the Canada-Ukraine Business Initiative (CUBI)
by attending its 1997 conference in Calgary and the promotional events taking
place in Edmonton, Regina and Winnipeg. The CUBI is a private-sector initiative,
which receives support from the federal government, the three prairie provinces
and private business.
Ukraine is a significant market for Canada in Eastern Europe. Ukraine's
considerable economic potential, coupled with needs that Canada can meet in the
oil and gas, agri-food and construction and building materials sectors, offers
numerous trade and investment opportunities in areas of Canadian expertise.
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For further information, media representatives may contact:
Catherine Lappe
Director of Communications
Office of the Minister of Foreign Affairs
(613) 995-1851
Media Relations Office
Department of Foreign Affairs and International Trade
(613) 995-1874
This document is also available on the Department's Internet site:
http://www.dfait-maeci.gc.ca
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