PrivatBank provides Naftogaz with another UAH 5 bln loan for gas imports
PrivatBank has provided Naftogaz Group with a new loan of UAH 5 billion for the purchase of imported gas in order to ensure a stable heating season, the bank's website reported on Tuesday.
"Supporting the energy sector is one of the bank's priorities and part of our social responsibility. We continue to provide reliable financial support to the country," said Yevhen Zaihrayev, a member of the bank's board for corporate and SME affairs, in a press release.
Naftogaz explained that additional financing is necessary due to the loss of Ukrainian gas production resulting from Russian attacks. According to the company's estimates, 4.4 billion cubic meters of gas, worth approximately EUR 1.9 billion, must be imported to make it through the winter.
"These funds will help us purchase imported gas in a timely manner and strengthen the country's energy sustainability," commented Serhiy Koretsky, Naftogaz's chairman of the board.
In July of this year, PrivatBank provided Naftogaz with a UAH 4.7 billion loan to build up reserves in underground gas storage facilities.
Additionally, Naftogaz has attracted financing from other state-owned Ukrainian banks this year: UAH 3 billion from Oschadbank, UAH 2.45 billion from Ukreximbank, and UAH 4.7 billion from Ukrgasbank.
