Starting today, November 30, Khmelnytskoblenergo will have numerous video meetings with the South Korea’s KT Corporation. Task Force unit, recently formed by the two companies, will have extensive discussions, workshops, webinars and round tables this whole week. Those activities are meant to be the first big step in the realisation of the Memorandum of Understanding, signed by KT Corporation and Khmelnytskoblenergo Sep 7, 2020.
Signing of this document was accompanied by following MOU, signed by KT Corporation and Ministry of Energy of Ukraine Oct 30.
According to the Memorandum two companies (KT Corporation and Khmelnytskoblenergo) intend to collaborate in developing an advanced metering infrastructure project in Ukraine. In order to do that, companies formed a joint Task Force unit, consisting of qualified staff of both parties. Two companies' specialists are in close contact via multiple channels since then and the first intensive workshop is planned to take place this week.
"We are in the close weekly contact with the Korean side for about a half a year or so and we are grateful for their
input – explains Oleg Kozachuk, acting CEO of Khmelnytskoblenergo. – Being the first electricity distribution
system operator in Ukraine, getting to know the technologies KT Corporation use is very insightful, to say the
least."
Sangki Lee, Vice President of KT’s Global Business Unit said that KT has been exploring various ways to enhance energy efficiency within the Ukrainian energy industry through cooperation with Khmelnytskoblenergo. In particular, KT plans to actively contribute to the improvement of energy efficiency in Ukraine by applying energy management technology that uses AI and big data.
Despite the COVID-19 pandemic, the two companies have made meaningful progress through weekly video
meetings, and KT plans to formulate the detailed business direction through due diligence and related feasibility studies, in the near future.
Further details of the Memorandum are not to be disclosed at this stage.
ABOUT JSC KHMELNYTSKOBLENERGO
KHmOE is a majority state-owned electricity distribution service operator (DSO) in Khmelnyts’k region in Ukraine. 70% of the company's shares belong to the state, the other 30% to private legal entities and individuals. The company's net profit in 2019 amounted to 85.7 million UAH, which is more than the profit of all state-owned energy companies in Ukraine combined. Dividends on the state share for 2019 amounted to about 30 million UAH.
ABOUT KT CORPORATION (KRX: 030200; NYSE: KT)
KT Corp., Korea’s largest telecommunications service provider, is leading the new era of innovations in one of the world’s most connected countries with 5G, Big Data, Cloud, IoT, Blockchain and other transformative technologies. KT launched the world’s first nationwide commercial 5G network in April 2019, after showcasing the first trial 5G services at the PyeongChang Winter Olympic Games in February 2018.. To help cope with COVID-19, KT is staging a social campaign, dubbed "Ma-Eum:TACT (Heart to Heart)", providing technology supports for people and businesses in need. KT will deliver most essential and innovative services and solutions to its customers around the world as the first frontier in the next technology revolution and number one Global ICT Company.
