Public joint-stock company Ukrgasvydobuvannia intends using the proceeds of a $76 million equivalent loan from the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) for a project of increasing the production from existing wells owned and operated by the company, the EBRD has said on its website.

The proposed project will require the procurement of the following goods, works and services: gas-turbine and reciprocating compressors and mobile well workover rigs of different loading capacity.

Tendering for the above contracts is expected to begin in the third quarter of 2017.

Ukrgasvydobuvannia told Interfax-Ukraine that the deal has been signed in a form typical for urgent procurement: first tenders are held, then agreements with banks are signed and the funds are provided.