Ukraine's largest national oil and gas company signs agreement on urgent gas purchase

Naftogaz, the largest national oil and gas company in Ukraine, has signed an agreement to secure a €270 million loan from the European Bank for Reconstruction and Development (EBRD) and a €140 million grant from Norway for the urgent purchase of 1 billion cubic metres of gas.

Source: Naftogaz’s press service

Details: The press service reports that the loan and grant agreements were signed by Naftogaz Group Head Roman Chumak and Deputy Director of the EBRD in Ukraine Mark Magaletskyi.

It is stated that these funds are already available to Naftogaz and will be used to import gas.

"They will allow us to purchase nearly 1 billion cubic metres of gas, which is essential to ensure a stable heating season amid ongoing war and repeated attacks on energy infrastructure," noted Roman Chumak, the company’s acting CEO.

Background

• Ukraine has secured €270 million from the EBRD under state guarantees for gas purchases, accompanied by a €140 million grant from the Norwegian government.
• Due to Russian attacks on gas infrastructure and the resulting decrease in production, Ukraine will significantly increase gas imports in 2025.
• Naftogaz Group has already started preparations for the 2025-2026 heating season by purchasing gas and modernising energy generation facilities. 

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