Ukraine to receive €85m from EBRD for extra gas purchases

Ukraine will receive €85 million to purchase additional volumes of gas through instruments of the European Bank for Reconstruction and Development (EBRD), with work on the documents now at the final stage.

Source: Ukraine's Energy Minister Denys Shmyhal

Quote: "€85 million through EBRD instruments to purchase additional volumes of gas for Ukraine. Work on securing the corresponding grant from one of the European countries is already nearing completion."

Details: Shmyhal added that the issue was discussed during an online call with EBRD President Odile Renaud-Basso.

The minister also stressed the importance of continued financial support from the EBRD for Ukraine's energy companies Ukrenergo and Ukrhydroenergo.

"This helps to carry out repairs, procure equipment and implement new solutions so that people have electricity and heat," he said.

Background:

• Ukraine entered the winter with 13.2 billion cubic metres of natural gas in storage but still needs to import more than 4 billion cubic metres to get through the season. Most of the funding has been secured, but there remains a financing gap of about US$100 million.
• Earlier, the EBRD also provided a €75 million loan to Ukrhydroenergo for the modernisation and rebuilding of hydropower plants.

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