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16:43
EBRD TO PROVIDE NAFTOGAZ WITH $300 M NO EARLIER THAN LATE SEPTEMBER, EXPERTS SAY

Kyiv, August 3 (Interfax-Ukraine) – The European Bank for Reconstruction and Development (EBRD) could provide National JSC Naftogaz Ukrainy with up to $300 million needed to replenish its working capital no earlier than the second half of September, according to Oleksandr Narbut, an independent expert on energy issues.

"The EBRD could provide Naftogaz with $300 million after a corresponding decision is made by the bank's management. Even if the sides urge this [to be done sooner], the credit is likely to be received only in late September, or even October," he said at a press conference in Kyiv on Monday.

Along with this, the expert said that the amount of funds allocated by the EBRD would not significantly influence the situation with the pumping by Ukraine of natural gas to underground gas storage facilities.

"At the current gas price, $300 million slightly exceeds 1.5 billion cubic meters of gas," he said adding the EBRD is ready to provide the Ukrainian holding with these funds under state guarantee.

Narbut said that at the current pace of the pumping of gas already stored in underground gas storage facilities would be enough to provide for domestic consumers and ensure reliable gas transit to Europe.

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