EBRD to lend Naftogaz 300 mln euros to buy gas

MOSCOW. June 14 (Interfax) - The European Bank for Reconstruction and Development will lend up to 300 million euros to Ukraine's Naftogaz, of which 50 million euros are already available for emergency gas purchases.

The bank said in a press release on Tuesday that financial assistance was provided to Naftogaz to buy to compensate for the loss of gas production.

Prime Minister Denys Shmyhal said at the end of May that the Ukrainian government had given the go-ahead for Naftogaz to raise a loan of up to 300 million euros from the EBRD to be repaid by March 25, 2024. He said loan would be used to purchase natural gas to fully meet the demand of Ukrainian consumers for energy.

Naftogaz incorporates the largest Ukrainian oil and gas producing companies. It also holds a monopoly on storing natural gas in underground facilities and transporting oil via pipelines within Ukraine.