IFC could issue USD 200 mln to Naftogaz for gas purchases

18:30, 28.04.2016 1 min read

The International Finance Corporation (IFC) from the World Bank Group links the issue of trade financing of up to USD 200 million to Naftogaz Ukrainy for gas purchases to the removal of obstacles to "virtual reverse," Naftogaz Head Andriy Kobolev has said.

"There are other problems with the IFC, and we are not sure now we'll manage to solve them. We're working on this and would like the deal to take place, but from the point of view of the problem, namely virtual reverse, there are questions there," he said.

The official said the possibility of "virtual reverse" should be sufficient for gas transportation back to the EU if it is not used.

As reported, the IFC Board of Directors approved the issue of funds on December 17. It was planned the funds will be used for gas purchases from Europe's major supplier ENGIE (formerly GDF SUEZ).