Tuesday, November 29, 2022
HomeFinanceUkraine's Naftogaz boosts cooperation with EBRD

Ukraine’s Naftogaz boosts cooperation with EBRD

The biggest oil and gas company in Ukraine, Naftogaz Group, plans to increase cooperation with the European Bank for Reconstruction and Development (EBRD) in the area of energy security and addressing the challenges of the 2022/2023 heating season.

This was confirmed last week, following a meeting between the newly appointed CEO of Naftogaz, Oleksiy Chernyshov and Matteo Patrone, EBRD’s Managing Director for Eastern Europe and the Caucasus.

“The European Bank for Reconstruction and Development is one of the key strategic partners of Naftogaz Group providing the company with financial support and helping to overcome the devastating consequences of the ongoing Russian invasion. During the summer of 2022, the EBRD decided to open a 300-million-dollar credit line to Naftogaz for emergency gas purchases. The first purchases have already been contracted, but key challenges still lie ahead. With this in mind, we have to act consistently and promptly,” said Mr Chernyshov.

The recently appointed Naftogaz CEO also expressed his gratitude to the EBRD for its strong support for Ukraine.

In June 2022, Naftogaz signed a loan agreement with the EBRD to open a 300-million-dollar (289 million euros) revolving credit line for the purchase of imported natural gas to ensure a sustainable heating season.

The loan is a tranche within a billion-dollar (963 million euros) program that the EBRD intends to implement this year in Ukraine in cooperation with contributors and other partners to support the country’s economy.

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