Naftogaz Group has secured loans totaling UAH 9.4 billion ($225.09 million) from local banks to procure winter gas for Ukraine.
JSC CB PrivatBank and PJSC JSB Ukrgasbank have each committed UAH 4.7 billion, according to online statements by state-owned integrated energy company Naftogaz.
The funds will be used to stock underground storage facilities for the 2025-26 heating season, it said.
“Naftogaz is diversifying its sources and routes of gas supply”, Naftogaz said. “This enhances Ukraine’s energy security and resilience amid the ongoing full-scale war”.
Chief executive Sergii Koretskyi said, “At the same time, we continue to work with international financial institutions and partner countries”.
Last April the European Bank for Reconstruction and Development (EBRD) said it had agreed to lend EUR 270 million ($317.28 million) to Naftogaz, complemented by a EUR 139 million grant from the Norwegian government. These will be used to buy nearly one billion cubic meters (35.31 billion cubic feet) of gas, Naftogaz said separately at the time.
“Naftogaz has been the recipient of two previous EBRD loans for a total of EUR 500 million, backed by EUR 275 million in guarantees from the United States, Norway, Germany, France, Canada and The Netherlands, and complemented by earlier grant finance from Norway of EUR 187 million for emergency gas purchases”, the EBRD said April 25.
“The latest agreement lifts EBRD finance for Naftogaz to EUR 770 million since 2022.
“Norway’s latest grant finance brings its total wartime energy sector-focused support for Ukraine through the EBRD to EUR 460 million”.
On July 11 the EBRD announced EUR 400 million in new funding for Ukraine that included a EUR 160-million loan to Naftogaz company Ukrnafta for the installation of 250 megawatts of small-scale gas-fired distributed power generation capacity across Ukraine.
“At the Ukraine Recovery Conference in Rome on 10-11 July, the Bank signed extensive financing and pre-financing agreements that bring total EBRD financing deployed in wartime Ukraine to EUR 7.6 billion”, the bank said.
“The EBRD, Ukraine’s largest institutional investor, has significantly increased its financing to the country since Russia launched its full-scale war in February 2022, and aims to continue investing between EUR 1.5 billion to EUR 2 billion a year”.
On July 2 Naftogaz and ORLEN SA said the Polish state-backed company agreed to deliver an additional 140 million cubic meters of liquefied natural gas (LNG) from the United States to Naftogaz.
This is the fourth LNG supply contract signed by the companies this year, bringing Naftogaz’s total contracted gas volumes from ORLEN to 440 million cubic meters, Naftogaz said.
The contracts are part of a cooperation pact signed by ORLEN and Naftogaz last March to diversify Ukraine’s gas supply sources, ORLEN said separately.
“Signing an additional contract for the supply of American LNG is an important element of our preparations for the coming winter heating season and a big step toward ensuring reliable gas supply for Ukrainians”, Koretskyi said.
To contact the author, email jov.onsat@rigzone.com
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