Three years of reporting, funded by our readers — become a member now and help us prepare for 2025.
Goal: 1,000 new members for our birthday. Gift a membership to your friend and help us prepare for what 2025 might bring.
Become a member Gift membership
Skip to content
Edit post

Naftogaz signs 200-million-euro loan with EBRD

by Dominic Culverwell November 23, 2023 8:33 PM 2 min read
Naftogaz CEO Oleksiy Chernyshov during an interview in Kyiv, Ukraine, on Thursday, Feb. 16, 2023. (Andrew Kravchenko/Bloomberg via Getty Images)
This audio is created with AI assistance

The European Bank for Reconstruction and Development (EBRD) will lend 200 million euros ($218 million) to Ukraine’s state-owned energy giant Naftogaz to help build up its strategic gas reserves, the EBRD announced on Nov. 23.

The signing of the loan follows an agreement between Kyiv and the EBRD in June for a 600 million ($654 million) financing package to bolster energy security. The deal allocates 200 million euros to Naftogaz, 200 million euros to Ukrenergo, and 200 million euros to Ukrhydroenergo.

“This is a very important step towards strengthening the energy stability of our country in wartime conditions. I am sincerely grateful to the EBRD and (Managing Director, Eastern Europe and the Caucasus) Matteo Patrone for their cooperation and consistent support of Ukraine in this difficult time,” said Naftogaz CEO Oleksiy Chernyshov.

Ukraine is preparing for its second winter under Russian aggression. The EBRD previously supported Naftogaz last year with a 300-million-euro loan ($327 million) as part of a 500-million-euro ($545 million) package.

The bank listed energy security as one of its five investment priorities in support of Ukraine’s economy.

In August, the CEO announced that Naftogaz plans to make history by ensuring Ukraine is totally self-reliant on gas this year, without importing any supplies from Europe.

The EBRD loan provides security for the company should Ukraine face a particularly brutal winter.

Reuters: EBRD expects to invest over $3 billion into Ukraine over next 2 years
The European Bank of Reconstruction and Development (EBRD) expects to invest 1.5 billion euros ($1.6 billion) into Ukraine annually for the coming two years, Reuters reported on Sept. 18.
Three years of reporting, funded by our readers.
Millions read the Kyiv Independent, but only one in 10,000 readers makes a financial contribution. Thanks to our community we've been able to keep our reporting free and accessible to everyone. For our third birthday, we're looking for 1,000 new members to help fund our mission and to help us prepare for what 2025 might bring.
Three years. Millions of readers. All thanks to 12,000 supporters.
It’s thanks to readers like you that we can celebrate another birthday this November. We’re looking for another 1,000 members to help fund our mission, keep our journalism accessible for all, and prepare for whatever 2025 might bring. Consider gifting a membership today or help us spread the word.
Help us get 1,000 new members!
Become a member Gift membership
visa masterCard americanExpress

News Feed

5:29 PM

Zelensky marks Holodomor Remembrance Day.

"They wanted to destroy us. To kill us. To subjugate us. They failed. They wanted to hide the truth and silence the terrible crimes forever. They failed," Zelensky wrote on X, formerly known as Twitter.
5:50 AM

Crimean Tatar editor goes missing in occupied Crimea.

Ediye Muslimova, the editor-in-chief of a Crimean Tatar children's magazine, disappeared in Russian-occupied Crimea on Nov. 21. Local sources say she was forced into a vehicle by three men and is being detained by the Russian FSB.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
Subscribe
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required
Subscribe
* indicates required
Explaining Ukraine with Kate Tsurkan
* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.