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The World Bank will loan $500 million to Ukraine for gas imports

The country plans to store from 15 to 17 billion cubic meters of natural gas for the heating season.

19.Oct.16 10:24 AM
By Alesya Davydova


The World Bank will loan $500 million to Ukraine for gas imports

The World Bank has approved providing a $500 million loan guarantees to Ukraine to cover its expenses on natural gas imports, Platts informs citing Ukrainian Finance Minister Oleksandr Danyliuk. The guarantees will be extended to national energy company Naftogaz Ukrayiny which will use them to borrow money from commercial banks that will be spent on gas imports.

"I welcome today's decision of the board of the World Bank to provide guarantees to Naftogaz for borrowing $500 million for the purchase of gas," Danyliuk wrote on his Facebook page. "This will get us safely through the cold season."

According to Ihor Prokopiv, the head of state gas shipper UkrTransGaz, the country has to import about 40-42 million of cubic meters a day to meet demand in winter. Ukraine has already accumulated 14.7 billion cu m of gas, as Maksym Beliavskiy, a spokesman for UkrTransGaz, said on Sunday. Naftogaz insists that there should be no less than 15.1 Bcm stored while the government wants to increase the number up to 17 Bcm to cover shortages at power plants if supplies of coal are disrupted.

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