Naftogaz and the European Bank for Reconstruction and Development have signed a landmark agreement for a €500 million revolving loan. This is the largest project the EBRD has ever signed in Ukraine and one of the largest in the Bank’s history overall.
The funds will be directed to financing natural gas purchases.
I thank the EBRD and all partners for their trust and support. I am grateful to the Government of Ukraine for its efforts aimed at strengthening Naftogaz’s capabilities. This is a clear signal that our partners understand the scale of the threat posed by Russia. Energy security today and energy independence in the future are our strategic priorities,” commented Sergii Koretskyi, Chief Executive Officer of Naftogaz.
For the first time, the loan is provided under a European Union guarantee within the UIF HiBar programme and will not require a sovereign guarantee from Ukraine.
We are proud to support Naftogaz with this new loan – our largest ever signed in Ukraine. Our financing supports Ukraine’s energy security – a key priority for our investments there – and will help ensure Ukrainians have sufficient energy and heating this upcoming winter and beyond,” stated Arvid Tuerkner, EBRD Managing Director for Ukraine and Moldova.
Naftogaz Group will purchase gas on competitive terms from more than 30 prequalified suppliers. Contracts will be concluded in accordance with the standards of the European Federation of Energy Traders (EFET), an organization that unites over 120 European companies and aims to increase the transparency and efficiency of the European energy market, promote competition, and ensure reliable energy supply.
