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Naftohaz Ukrayiny buys 1.8bn cu.m. of gas with EBRD loan

Axpo, CEZ, Engie, Eni, RWE and Uniper were the suppliers.

The state-owned oil and gas company Naftogaz Ukrayiny in the period of August-October this year has purchased 1.8bn cu m of gas for the loan extended by the European Bank for Reconstruction and Development. Naftogaz said in a release on 6 December that the suppliers were Suppliers of steel companies Axpo Trading, CEZ, Engie, Eni Trading & Shipping, RWE Supply & Trading, Uniper Global Commodities.

The total value of contracts amounted to 30,334m dollars, of which 300m was the EBRD credit line and 34m the own funds of Naftogaz.

The weighted average price of the contracts was 185 dollars per thousand cu m ex tank.

On October 23, 2015 Ukraine has signed with EBRD a three-year 300m dollar revolving credit agreement. During this period, Naftogaz can repay and borrow again within the limits of a fixed amount to finance advance purchases of gas ahead of the heating period.

Last year, Ukraine has bought 1.7bn cu m of gas the EBRD funds. The weighted average cost of gas purchases in Europe amounted to 193 dollars per thousand cu m. The suppliers were Noble Clean Fuels, Engie, Axpo Trading, E.ON Global Commodities and Eni trading & shipping.

The loan was repaid on May 16, 2016.

This year, Naftogaz has also attracted 500m dollars from the International Bank for Reconstruction and Development, is part of the World Bank, for the purchase of gas.