Naftogaz starts using EBRD's EUR 500 mln loan to Ukraine to purchase gas – Koretsky
The Naftogaz Group has already begun using the funds from the largest loan in Ukrainian history from the European Bank for Reconstruction and Development (EBRD), issued in August, to purchase gas. The loan is worth EUR 500 million, Serhiy Koretsky, Chairman of the Board of Naftogaz Ukrainy, announced.
“The last agreement with the EBRD for 0.5 billion has already been concluded, the money is already available, and we have already imported the first volumes of gas for these funds,” Koretsky said on the air of the Unified Telethon on Wednesday.
He emphasized that the latest EBRD loan of EUR 0.5 billion was not only the largest in the history of Ukraine, but also one of the largest in the history of the EBRD issued to a particular country.
Koretsky also drew attention to the fact that the loan was first issued under the guarantees of the European Commission within the Ukraine Facility, which does not require state guarantees and reduces pressure on the state budget.
According to him, work is underway to attract new credit resources from state banks, and he hopes to be able to report positive results in the near future.
"Naftogaz allocated a significant part of its own funds for the purchase of gas," the CEO emphasized.
He emphasized that in preparation for the heating season, one of Naftogaz's most important goals is to restore the destroyed capacities, since, according to him, "simultaneous production losses amounted to approximately 40%, which is why we are forced to import gas in large volumes."
"Preparations for the autumn-winter period are in full swing. It is obvious that it is complicated by constant attacks with Russian missiles and drones on gas production and preparation infrastructure. But we are working 24/7. We will do everything possible to ensure that Ukrainians have heat and gas. The situation is difficult, but that is what Naftogaz and the government are for, so that we take all necessary measures for the sustainable passage of the autumn-winter period," Koretsky emphasized.
As reported, the total amount of EBRD financing for NJSC Naftogaz Ukrainy since the beginning of the full-scale war in 2022 reached EUR 1.6 billion.