Naftogaz repays EBRD loan of $300 mln raised in July-Sep 2016

12:14, 16.05.2017 1 min read

Naftogaz Ukrainy has timely repaid a $300 million loan within the second round of using renewable credit funds raised from the European Bank for Reconstruction and Development (EBRD).

The company press service said the EBRD funds were used in July-September 2016. At the same time, the credit line continues to operate until 2018 and Naftogaz plans to use its funds to prepare for the next heating season.

"The EBRD credit line not only gives us the opportunity to get cheap resources for gas purchases before the heating season but also plays an important role in promoting reforms in the energy sector. The EBRD is continuously monitoring the implementation of new reporting standards, transparency, environmental and social responsibility at state-owned enterprises, in particular at Naftogaz," company head Andriy Kobolev said.

In general, within the second round of using EBRD loan funds, Ukraine received 1.8 billion cubic meters of gas. Naftogaz partially financed the contracts, signed on the results of purchasing procedures for EBRD loan funds, at its own expense.