The Cabinet of Ministers of Ukraine has approved the granting of state guarantees in the amount of about $500 million to Ukraine`s oil and gas giant NJSC Naftogaz of Ukraine in order to attract a World Bank loan for the purchase and pumping of natural gas in the autumn-winter period.
Presenting the need for the provision of guarantees, First Vice Prime Minister of Ukraine Stepan Kubiv said: ”It is about providing state guarantees worth up to $500 million or the equivalent of the amount in euros.”
”The project will generate energy stabilization fund and provide financial resources for the autumn-winter period,” Kubiv said.
As UNIAN reported earlier, on October 18, 2016, the World Bank`s Board of Directors decided to grant Ukraine`s state-owned energy holding Naftogaz of Ukraine the $500 million loan guarantees that will allow attracting loan resources for the purchase of the necessary volumes of natural gas for the passage of the 2016-2017 heating season.
On November 9, 2016, Chief Commercial Officer of NJSC Naftogaz of Ukraine Yuriy Vitrenko said that Naftogaz of Ukraine expected by the end of November to sign loan guarantees worth $500 million with the World Bank for the purchase of natural gas for the passage of the 2016-2017 heating season.