EBRD to issue EUR 10 mln loan to ERU Trading for development of activities
The European Bank for Reconstruction and Development (EBRD) will provide a loan of EUR 10 million in the national currency to the Ukrainian electricity and gas supplier ERU Trading LLC, according to the data on the bank's website.
"EBRD funds will be used to support growing gas trading operations of ERU Trading in order to secure low cost gas from EU during summer season and store it in Ukrainian gas storages with further sale in Ukraine (primary option) or re-export to the EU (secondary option) during winter heating season," the report says.
"The proposed project supports a private, independent trader in competing with the monopoly provider Naftogaz in an increasingly liberalized market, and facilitates increased liquidity and competition on the private energy exchange UEEX following the MoU signed by the EBRD in July 2019," it says.
ERU Trading LLC is a Ukrainian energy and gas trading company established in 2016 with the launch of the largest and most successful gas market reform in Ukraine's history. Its core activities have been natural gas import and trade, electricity export and domestic supply.