“Naftogaz” will buy on credit a large amount of gas in Europe
Within the next month, “Naftogaz of Ukraine” buys from European suppliers of 1.1 billion cubic meters of gas. Credit for the purchase I will highlight two of the Bank under the guarantee of the world Bank.
“NAK “Naftogaz of Ukraine” allocated to the first 15 letters of credit under the credit agreement with Citi and Deutsche Bank, guaranteed by the world Bank. Letters of credit totaling more than 220 million euros will be used for March of this year to purchase natural gas from European suppliers, selected in tender procedures of the world Bank. Gas purchases are expected to amount to 1.1 billion cubic metres. Means the letters of credit suppliers will receive from creditors on the delivery of gas to Ukraine in April”, – stated in the message “Naftogaz”.
The company must repay the loan during the year.
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The total amount of credit line, guaranteed by the world Bank, is around $ 500 million.
“The remaining funds of the credit line will be used to purchase gas based on current market conditions,” – said in “Naftogaz”.
We will remind, in 2015, “Naftogaz” has received a revolving credit line for 300 million dollars from EBRD for the purchase of gas from European suppliers.