Naftogaz fully repaid $300 mln EBRD loan

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Ukrinform
On 16 May 2016, Naftogaz of Ukraine fully repaid the outstanding balance under the revolving credit facility from the European Bank for Reconstruction and Development (EBRD), which was signed last year.

The press service of Naftogaz of Ukraine reported.

Naftogaz has fully drawn down the $300 million facility in December 2015 and January 2016. The interest and the loan were fully paid on time. The revolving credit line is valid until 2018, and Naftogaz expects to use the funds to accumulate gas for the next two heating seasons.

“The cooperation with the EBRD under this framework is vital for us for many reasons. The facility has not only enabled us to finance the purchase of gas to ensure security of supply during the heating season. It gave the much-needed impetus for the ongoing corporate governance reform of state-owned enterprises in Ukraine. The EBRD also monitors the introduction of new standards for accountability and transparency, as well as issues related to environmental and social responsibility at Naftogaz,” Andriy Kobolyev, CEO of Naftogaz of Ukraine, said.

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