Naftogaz has secured an additional €50 million in long-term financing from the European Investment Bank (EIB) to import natural gas and ensure the stable operation of Ukraine’s energy system during the winter period.
The secured financing enables us to promptly import gas and support the stability of the Ukrainian energy system amid winter conditions and ongoing Russian bombardment. We are grateful to the European Investment Bank, the European Commission, and our international partners for their consistent and timely support for Ukraine,” said Sergii Koretskyi, Chief Executive Officer of Naftogaz.
The funds will help safeguard heating and energy supply for Ukrainian households, critical facilities, and businesses during periods of peak load on the energy system.
The new financing complements an earlier €300 million EIB loan, as well as €127 million in European Union grant support for gas procurement, provided with the participation of the Government of Norway under the Ukraine Investment Framework.
As winter temperatures in Ukraine fall to minus 20 degrees Celsius and below, hundreds of thousands of people are being left without electricity, heating, water, and the basic conditions needed for everyday life. By extending our existing €300 million support with an additional €50 million, we are acting quickly and decisively when it matters most, to protect communities, maintain essential services, and strengthen Ukraine’s energy resilience in the face of continued attacks,” commented EIB Vice-President Teresa Czerwińska, who oversees the Bank’s operations in Ukraine.
The financing forms part of the EIB’s Ukraine Energy Rescue Plan and is implemented within a coordinated Team Europe approach.
The news coming from Ukraine every morning is horrific. What Russia is doing is state terror. This is beyond war. People are freezing to death. Many are fleeing Kyiv and other cities. The EU has worked closely with Ukraine to stabilise the energy system, but the scale of Russian attacks is such that Ukraine urgently needs more. This €50 million emergency loan is one of many additional measures. We are looking into all possible options to help Ukrainians,” emphasised Marta Kos, European Commissioner for Enlargement.
The loan was made possible with the support of the European Commission under the de-risking programme of the EU’s Ukraine Investment Framework. It includes safeguards against the import of Russian gas and requires the beneficiary to strictly adhere to principles of transparency and sound corporate governance.
Norway and the European Union stand shoulder to shoulder to secure Ukraine’s energy supply during this cold winter. Gas is critical to ensuring that the Ukrainian population has electricity and heating and can maintain its resilience,” said Espen Barth Eide, Norway’s Minister of Foreign Affairs.
In parallel, Naftogaz commits to reinvesting an amount equivalent to the attracted financing into renewable energy and decarbonisation projects.
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