Naftogaz Ukrainy, the Ministry of Ecology and Natural Resources and the European Bank for Reconstruction and Development (EBRD) on November 12 signed a memorandum on cooperation in the reduction of methane emissions in the gas sector.

The relevant emission reduction program that the parties will develop in the framework of the memorandum will include the introduction of more modern and advanced methods for measuring emissions, improving the emission inventory system, and developing a roadmap for investments. Currently, the EBRD is considering the possibility of providing a loan in the amount of EUR52 million for Ukrgazvydobuvannia, Terry McCallion, the EBRD Director for Energy Efficiency and Climate Change, said during the signing of the memorandum at the IX International Forum on Energy for Sustainable Development in Kyiv.

The funds will be invested in modern equipment for heat recovery during gas processing, reducing carbon dioxide emissions, as well as ensuring reliable gas production.

"Investments will be preceded by diagnostics of the current situation, the definition of clear monitoring, reporting and verification procedures," the banker said, adding that the appropriate decision on the issue of funds could be made before the end of 2018.