Naftogaz Group has secured a fresh UAH 5 billion ($118.82 million) loan from local bank JSC CB PrivatBank to procure more natural gas for Ukraine.
“To get through the winter steadily, Naftogaz needs to import 4.4 billion cubic meters of gas [155.38 billion cubic feet], with a total cost of about EUR 1.9 billion [$2.22 billion]”, the state-owned integrated energy company said in an online statement, noting local production has fallen due to war damage.
Earlier Naftogaz sealed local loans totaling UAH 9.4 billion from PrivatBank and PJSC JSB Ukrgasbank, each committing UAH 4.7 billion, to buy gas for the heating season, as announced by Naftogaz in July.
Chief executive Sergii Koretskyi said then, “At the same time, we continue to work with international financial institutions and partner countries”.
Also in 2025 JSC State Saving Bank of Ukraine agreed to lend Naftogaz UAH 3 billion for gas import, as announced by Naftogaz October 9.
On November 13 Naftogaz and the European Investment Bank (EIB) announced a grant of EUR 127 million for the procurement of gas for Ukraine, in addition to a EUR 300 million EIB loan to Naftogaz that was disbursed October for the same purpose.
The loans are guaranteed under the Ukraine Investment Framework (UIF), part of the European Union’s Ukraine Facility. The facility aims to mobilize up to EUR 50 billion – EUR 33 billion in loans and EUR 17 billion in grants – from 2024 to 2027, according to the European Council, which approved the facility February 2024. The UIF aims to mobilize up to EUR 40 billion of investments for recovery, reconstruction and modernization, according to its implementer the European Commission.
On August 13 Naftogaz and the European Bank for Reconstruction and Development (EBRD) said they had agreed on a EUR 270 million loan for gas purchases.
On April 25 London-based EBRD said it had agreed to lend EUR 270 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 of gas, Naftogaz said separately April 28.
The EBRD said then, “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”.
According to the online tracking dashboard of the European Network of Transmission System Operators for Gas (ENTSOG), Ukraine had 86.9 terawatt hours of gas at its underground storage facilities as of Tuesday, representing a filling level of 27.14 percent. As of the time, Ukraine had a withdrawal rate of 175.7 gigawatt hours a day, according to the ENTSOG data.
To contact the author, email jov.onsat@rigzone.com
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