Ukraine’S Naftogaz Secures $466M Financing For Purchasing Gas

Ukraine-based Naftogaz has secured a total of €410m ($466.4m) in funding for the immediate procurement of one billion cubic metres of natural gas.

This financial package, which will be disbursed via the European Bank for Reconstruction and Development (EBRD), comprises a €270m loan from the EBRD and a €140m grant from the Norwegian Government through the NORAD fund.

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The agreements were signed by Roman Chumak, acting chairman of the board at Naftogaz, and Mark Magaletsky, deputy director of the EBRD in Ukraine.

Chumak confirmed that the financing is already accessible and that the company is promptly utilising it for gas imports.

He emphasised that collaboration with international financial institutions is a pivotal element of Naftogaz’s long-term strategy to diversify supply sources and ensure Ukraine’s energy stability.

“These funds are critical for Naftogaz. They will allow us to purchase nearly 1bcm of gas, which is essential to ensure a stable heating season amid the ongoing war and repeated attacks on energy infrastructure. We are grateful to all partners supporting our preparations for next winter,” Chumak said.

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The financing was secured with support from the Ukrainian Government, the Ministry of Economy of Ukraine, Ukraine’s Ministry of Finance, the Ministry of Energy of Ukraine and Norway’s Ministry of Foreign Affairs.

Naftogaz also recently expanded its partnership with Polish energy company Orlen, signing a deal for the additional supply of 100 million cubic metres of natural gas to Ukraine.

This marks the third contract under a long-term collaboration framework between the two entities, aimed at bolstering regional energy security.