KYIV (QHA) -
Ukrainian oil and gas company "Naftogaz Ukraine" signed a loan agreement with Citi and Deutsche Bank for a revolving line of credit to purchase gas for $ 500 million, according to the information on the "Naftogaz" site.
 
Reportedly, the loan is provided with the World Bank's guarantee.
 
“This program is a result of twelve-month hard work. These funds will help "Naftogaz" to ensure stable gas supplies to Ukrainian consumers during this winter,” the Chairman of the Board "Naftogaz" Andrei Kobolev said.
 
The credit action line continues for four years: two years on the purchase of gas and two years to repay the loan. The guarantee of the World Bank and credit line represent economically favorable terms, in comparison with other credit agreements of "Naftogaz". The company is obliged to continue buying gas under existing contracts by changing the form of payment for a subscription to pay after delivery.

The company officials claim that this credit line will help "Naftogaz" to continue the positive history of relations with international commercial banks.
 
November 21,  the arbitration process started in the case of adjusting the contract between "Gazprom" and "Naftogaz" in line with European legislation.
 
Photo: Internet

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