Naftogaz boosts energy security cooperation with EBRD

Naftogaz Group plans to increase cooperation with the European Bank for Reconstruction and Development (EBRD) on energy security and addressing the challenges of the 2022/2023 heating season.

This intensifying cooperation was announced in 10 November by Naftogaz CEO Oleksiy Chernyshov following his meeting with Matteo Patrone, EBRD Managing Director for Eastern Europe and the Caucasus.

The European Bank for Reconstruction and Development is one of the key strategic partners of Naftogaz Group providing the company with financial support and helping to overcome the devastating consequences of the ongoing Russian invasion. During summer 2022, the EBRD decided to open a €300 million credit line to Naftogaz for emergency gas purchases. The first purchases have already been contracted, but key challenges still lie ahead. With this in mind, we have to act consistently and promptly," Chernyshov commented.

The recently appointed Naftogaz CEO also expressed his gratitude to the EBRD for its strong support for Ukraine.

In June 2022, Naftogaz signed a loan agreement with the EBRD to open a €300 million revolving credit line for the purchase of imported natural gas to ensure a sustainable heating season.

The loan is a tranche within a €1 billion program that the EBRD intends to implement this year in Ukraine in cooperation with contributors and other partners to support the country's economy.

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