Naftogaz will use the $300 million loan to tender for purchases of about 1.1 billion cubic meters of gas needed for heating season. The loan is conditional upon a programme of corporate restructuring at NJSC Naftogaz, including the creation of a supervisory board of independent and qualified directors, the introduction of internal audit, compliance, anti-corruption and risk management functions and an ownership and governance structure in line with best international practice.
The EBRD’s loan to NJSC Naftogaz is a three-year revolving facility, which means that the company will be able to pay back and re-borrow this amount over the next three years, to facilitate advance gas purchases ahead of winters. Several major global suppliers have already expressed interest in providing the gas during a pre-qualification process which was completed according to the EBRD’s tender requirements. Read more at http://www.finchannel.com
The EBRD’s loan to NJSC Naftogaz is a three-year revolving facility, which means that the company will be able to pay back and re-borrow this amount over the next three years, to facilitate advance gas purchases ahead of winters. Several major global suppliers have already expressed interest in providing the gas during a pre-qualification process which was completed according to the EBRD’s tender requirements. Read more at http://www.finchannel.com
