Naftogaz pays $500 mln on loan under World Bank guarantees
NJSC Naftogaz Ukrainy has completed repayments under the loan agreements worth $500 million received under the World Bank's guarantees and state guarantees, the press service of the company has reported.
According to Naftogaz, within the framework of these loan agreements, which were signed on December 30, 2016, the company managed to purchase about 5 billion cubic meters of natural gas from the European direction over two years.
"In general, since 2014, Naftogaz has redeemed the state-guaranteed loan debt amounting to about $3.2 billion in a timely manner and in full. Naftogaz's loan portfolio has decreased by 6.6 times since 2014 and is a record low," Naftogaz CEO Andriy Kobolev said.
The company noted the important role of further cooperation with the creditors and noted that this year the company plans to pump 3 billion cubic meters of gas more into underground gas storage facilities (20 billion cubic meters) compared to the previous year.