The Overseas Private Investment Corporation (OPIC), a U.S. government agency, has approved a project under which it is planned to provide guarantees worth $400 million for gas pumping into Ukrainian underground gas storage facilities (UGS) in the interests of Naftogaz Ukrainy, according to the company's website.

The project assumes that Goldman Sachs investment bank under the OPIC guarantees will fund gas injection into Ukrainian underground gas storage facilities.

In summer months Naftogaz will sell gas of its production for injection into the underground storage facilities of a specially created company, while in winter the contrary will buy gas from this company.

The total project cost could reach $500 million, however OPIC guarantee cover $400 million.