Naftogaz Group will use a EUR 270 million loan from the European Bank for Reconstruction and Development (EBRD) and a EUR 140 million grant from the Norwegian government through the NORAD fund to purchase 1 billion cubic meters of gas as a matter of urgency.
“The funds received are extremely important for Naftogaz. They will allow us to purchase almost 1 billion cubic meters of gas, which is critical for the stable passage of the next heating season, especially in the context of war and regular attacks on our energy infrastructure. I am grateful to all the partners who help Naftogaz prepare for the next winter,” commented Roman Chumak, CEO of Naftogaz Group, in a statement on the company’s website on Monday.
Chumak emphasized that the financing is already available and expressed his gratitude to the EBRD, the Ministry of Finance of Ukraine, the Ministry of Foreign Affairs of Norway and the NORAD Foundation, as well as the Naftogaz team for the successful cooperation that helped to attract financing for gas purchases.
As noted, cooperation with international financial institutions is part of Naftogaz’s long-term strategy to diversify its supply sources and ensure Ukraine’s energy stability.
Earlier it was reported that on April 25, the EBRD confirmed the provision of a EUR 270 million loan to Naftogaz of Ukraine to create strategic gas reserves, Norway supplemented the loan provided under the state guarantee with a grant of EUR 139 million, which will come through the EBRD Special Crisis Response Fund.
“Naftogaz has previously received two EBRD loans totaling EUR 500 million, which were accompanied by guarantees from the United States, Norway, Germany, France, Canada and the Netherlands totaling EUR 275 million, as well as grant funding of EUR 187 million from Norway for emergency purchases of natural gas.
At the end of March, Dmytro Abramovich, a member of the Board and Commercial Director of Naftogaz Group, said that Ukraine needs to import 4.5-4.6 billion cubic meters of natural gas by November 1 this year.
