Naftogaz contracts some gas purchases with EBRD loan

MOSCOW. Nov 11 (Interfax) - Naftogaz of Ukraine has contracted certain amounts of gas purchases with a 300-million-euro loan of the European Bank for Reconstruction and Development (EBRD), Naftogaz CEO Alexei Chernyshov said after a meeting with EBRD Managing Director for Eastern Europe and the Caucasus Matteo Patrone.

"The EBRD is a key strategic partner of Naftogaz Group, which renders financial support to the company. Back in summer, the EBRD decided to open a 300-million-euro credit line for emergency gas procurement by Naftogaz. The first purchases have been contracted, but the main work is still ahead. This is why, we should be acting together and quickly," the Ukrainian media quoted Chernyshov as saying in a statement published by the Naftogaz press service.

Chernyshov thanked the EBRD for the strong support provided at a time difficult for Ukraine and said that the group was planning to step up cooperation with banks in the matters of energy security and the heating season of 2022/2023.

The EBRD decided in mid-June 2022 to allot 300 million euros to Naftogaz for gas procurements, including 50 million euros to be allotted urgently. Yet the spending of these funds started only in October due to a pause in the restructuring of Naftogaz bonds.