Naftogaz of Ukraine, EBRD sign agreement on 500-mln-euro loan under EU guarantees to buy gas

MOSCOW. Aug 13 (Interfax) - Naftogaz of Ukraine and the European Bank for Reconstruction and Development (EBRD) have signed an agreement on a revolving loan in an amount of 500 million euros, Ukrainian media quoted Prime Minister Yulia Sviridenko as saying on Wednesday.

"This is the bank's largest project in our country. It is the first time such a loan has been granted under EU guarantees, without state guarantees from Ukraine," Sviridenko said.

It is the first loan to be issued under the European Union's UIF Hi-Bar program and will not require state guarantees from Ukraine.

It was said that Naftogaz will source natural gas competitively from 30 pre-qualified gas suppliers with contracts based on standards of the European Federation of Energy Traders, which includes more than 120 European companies.