NJSC "Naftogaz of Ukraine" and the European Bank for Reconstruction and Development (EBRD) have signed an agreement for a revolving loan of €500 million. This is the largest project the EBRD has ever signed in Ukraine and one of the largest in the Bank’s history. The funds will be used to finance the procurement of imported natural gas.
“For the first time, such a large loan is being provided under the European Union’s UIF Hi-Bar programme, which will not require a state guarantee from Ukraine. This demonstrates the high level of trust in our country and the effectiveness of our reforms. Energy security today and complete energy independence in the future remain our strategic priority,” stressed the Minister of Energy of Ukraine, Svitlana Grynchuk.
According to the Minister, NJSC "Naftogaz of Ukraine" will procure gas on transparent and competitive terms from more than 30 qualified European suppliers under standard contracts of the European Federation of Energy Traders (EFET), an organisation bringing together over 120 European companies, dedicated to enhancing transparency and efficiency of the European energy market, fostering competition, and ensuring reliable energy supply.
“We are proud to support Naftogaz with this new loan – the largest we have ever signed in Ukraine. Our financing supports Ukraine’s energy security – a key priority of our investments in the country – and will help ensure Ukrainians have heat and energy this winter and beyond,” said Arvid Tuerkner, EBRD Managing Director for Ukraine and Moldova.
“I thank the EBRD and all partners for their trust and support. I am grateful to the Government of Ukraine for its efforts to strengthen Naftogaz’s capacity. This is a clear signal that our partners understand the scale of the threats posed by russia. Energy security today and energy independence in the future are our strategic priorities,” said Serhiy Koretskyi, Chairman of the Board of Naftogaz of Ukraine.
“I am grateful to the EBRD, to Arvid Tuerkner, Managing Director for Ukraine and Moldova, and to all our international partners for this crucial support. I also thank Serhiy Koretskyi, CEO of Naftogaz of Ukraine, for his professional work and commitment to strengthening Ukraine’s energy independence,” Svitlana Grynchuk underscored.
