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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)
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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.
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