In July-September 2017, Naftogaz procured natural gas from Axpo Trading AG, CEZ a.s., Engie SA, RWE Supply & Trading GmbH and Uniper Global Commodities SE within the scope of the third round of utilization of Gas Purchase Renewable Credit Facility funds provided by the European Bank for Reconstruction and Development (EBRD).
Total value of 18 awarded contracts amounted to USD 359 mln, of which USD 300 mln were financed through the credit facility and USD 59 mln – from Naftogaz’s own funds.
All 5 suppliers were identified as eligible by the EBRD prequalification procedure concluded in June 2017.
Weighted average price of the contracts amounted to USD 203 per mcm at delivery point.
Reference: from December 2015 to March 2016, Naftogaz has procured 1.7 bcm of natural gas from 5 suppliers by utilizing the EBRD Credit Facility, from August till October 2016 1.8 bcm of natural gas was procured from 6 suppliers.
The EBRD Renewable Credit Facility of USD 300 million was opened in October 2015 and intended for natural gas purchase at the Western border of Ukraine. One of the conditions of the EBRD loan was the implementation of the Action Plan on corporate governance reform in Naftogaz by the government of Ukraine.
The EBRD Facility is a renewable loan for a period of 3 years. During this period, Naftogaz may partially repay the loan and then again re-borrow the funds to finance gas purchases from the EU.
NJSC Naftogaz of Ukraine
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