EBRD to support Ukraine gas reforms
The European Bank for Reconstruction and Development (EBRD) is to provide a sovereign-guaranteed loan to Ukraine's state-owned energy firm Naftogaz. The loan will aid a government plan to reform Ukraine's struggling energy market and secure the transit of Russian gas exports to Europe via Ukraine.
"Our aim is to improve the sustainability, accountability and above all the transparency of the Ukrainian gas market, to the benefit of both Ukraine and of energy security in all of Europe" said EBRD President Thomas Mirow.
The EBRD will provide Naftogaz with working capital for immediate gas storage requirements and longer-term finance to support the reform of the existing gas transit system. Subject to due diligence, $300 million will be spent on working capital and up to $450m will be provided
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