Business news from Ukraine

STATE-RUN NAFTOGAZ PAYS $500 MLN ON LOAN UNDER WORLD BANK GUARANTEES

NJSC Naftogaz Ukrainy has completed repayments under the loan agreements worth $500 million received under the World Bank’s guarantees and state guarantees, the press service of the company has reported.
According to Naftogaz, within the framework of these loan agreements, which were signed on December 30, 2016, the company managed to purchase about 5 billion cubic meters of natural gas from the European direction over two years.
“In general, since 2014, Naftogaz has redeemed the state-guaranteed loan debt amounting to about $3.2 billion in a timely manner and in full. Naftogaz’s loan portfolio has decreased by 6.6 times since 2014 and is a record low,” Naftogaz CEO Andriy Kobolev said.
The company noted the important role of further cooperation with the creditors and noted that this year the company plans to pump 3 billion cubic meters of gas more into underground gas storage facilities (20 billion cubic meters) compared to the previous year.

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GOVT PROVIDES GUARANTEES FOR UAH 1.1 BLN LOANS TO FIVE COAL ENTERPRISES

The Cabinet of Ministers of Ukraine has provided government guarantees for loans in the amount of UAH 1.055 billion taken by state-owned enterprises Lvivvuhillia, Pervomaiskvuhillia, Selidovvuhillia, Toretskvuhillia and Surhai Mine to implement investment projects.
The resolution was approved at a government meeting on Wednesday.
According to the documents, Pervomaiskvuhillia attracts UAH 276.21 million to prepare and launch a new longwall, Selidovvuhillia – UAH 278.12 million for refitting of 11th longwall of one of its coalmines.
Surhai Mine will take a loan of UAH 138.84 million for own re-equipment and Toretskvuhillia will take UAH 21.15 million for refitting of one longwall of one of its coalmines.
Lvivvuhillia will attract UAH 112.2 million for re-equipment of Vidrodzhennia Coalmine and UAH 228.11 million for Stepova coalmine.
The government guarantee covers 80% of liabilities, including the principal of the loan and credit rates. The fee for the government guarantee is 0.001% per annum of the unpaid sum of the loan.

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