EBRD to lend Ukraine's OKKO 60 mln euros to build biofuel plant

MOSCOW. June 14 (Interfax) - The European Bank for Reconstruction and Development (EBRD) will lend Ukraine's OKKO Group 60 million euros to build a bioethanol plant under an agreement that was signed at the Ukraine Recovery Conference in Berlin, Ukrainian media reported, citing a statement from the company.

The loan will come with a financial guarantee from the European Union that will be provided under the investment component of the Ukraine Facility and is part of the new Ukraine Investment Framework program.

"We plan to build the plant for 83,000 tonnes per year in Ternopol region in two years. Thanks to the new production facility, we will be able to cover our own bioethanol needs and sell on the foreign and domestic markets. We are grateful to our partner the EBRD for its support and trust over many years and for supporting Ukraine's energy security and decarbonisation," OKKO Group CEO Vasily Danilyak said.

OKKO Group has more than 10 diversified businesses in manufacturing, retail, construction, insurance, services and other areas. The group's flagship company is Galnaftogaz, which operates one of Ukraine's largest filling station chains, with about 400 stations under the OKKO brand.

The group's founder and majority shareholder is Vitaly Antonov. The EBRD holds a minority stake.