Naftogaz awaiting World Bank’s loan to purchase gas

Naftogaz awaiting World Bank’s loan to purchase gas

PJSC Naftogaz of Ukraine expects to receive $500 million loan from the World Bank in 2016 to purchase natural gas for the next heating season.

Naftogaz CEO Andriy Kobolev said this on the air of Ukrainian Channel 5, adding that negotiations on this issue are ongoing for over a year.

"We hope that the transaction can take place this year," the official said.

According to him, the work with this loan is more difficult compared to the assistance from the European Bank for Reconstruction and Development. In the past heating season, Naftogaz raised $300 million from the EBRD and already repaid it.

Kobolev noted that the World Bank’s assistance might also be directed at buying natural gas from Russian Gazprom.


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