«Naftogaz» signed a loan agreement for 500 million dollars under the guarantee of the world Bank

The state energy holding «Naftogaz of Ukraine» signed a loan agreement with Citi and Deutsche banks for the allocation of state-owned enterprise line of credit in the amount of $ 500 million under the guarantee of the world Bank for the purchase and injection of natural gas in autumn-winter period. This was reported by the press service of the holding.

«NAK «Naftogaz Ukraine» have signed a loan agreement with Citi and Deutsche banks to receive Euro-denominated revolving line of credit for gas purchases in the amount equivalent to 500 million dollars. The credit line provided by a guarantee of the world Bank, which in turn provided a state guarantee in the framework of the creation of the energy Fund», — stated in the message.

According to the press service, the credit line will be provided by «Naftogaz» for four years. So, the first two years will be allocated for the purchase of gas, and then for the remaining two years will be paying off the loan.

According to the report, the credit line will allow energy to change form of payment for the purchased gas for payment after delivery prepayment. The confirmation of such payment to suppliers will serve a letter of credit that will be issued by Citi and Deutsche banks, and when payment is made to turn into loans. Naftogaz will repay these loans within twelve months from the date of receipt. The world Bank guarantees the repayment of these loans from international commercial banks.

The press service added that «Naftogaz» will be able to use this credit line for the purchase of gas on both the Western and Eastern direction.

It is noted that this credit line will help the energy to continue the positive history of relations with international commercial banks.

«This program is the result of twelve months of hard work. These funds will help Naftogaz to ensure stable supplies of gas to Ukrainian consumers during this winter», — the press service quoted Chairman of the Board of the holding Andrey KOBOLEV.

As reported, on 30 November the Cabinet of Ministers of Ukraine approved the provision of «Naftogaz» of state guarantees in the amount of about $ 500 million to attract a WB loan.

On 18 October, the Board of Executive Directors of the world Bank approved a guarantee of $ 500 million. provided by the International Bank for reconstruction and development (IBRD). Then, on October 19, the world Bank published a report on the provision of guarantees on $ 500 million «Naftogaz of Ukraine» to improve the commercial and financial possibilities of purchase of gas.

On 2 November, the Cabinet authorized the Minister of Finance Alexander Danilyuk on the signing of the Treaty guarantee reimbursement of the loan for the purchase of gas between Ukraine and the IBRD (the world Bank) to $ 500 million.

At the beginning of November «Naftogaz of Ukraine» stated that it expects by December to sign with the world Bank loan guarantees to $ 500 million for natural gas purchases during the heating period 2016-2017.

30 December «Naftogaz of Ukraine» signed a loan agreement on 478,285 million euros from the International Bank for reconstruction and development on the project financing of gas imports.




«Naftogaz» signed a loan agreement for 500 million dollars under the guarantee of the world Bank 31.12.2016

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Декабрь 31st, 2016 by
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