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Ukrainian parliament okeys govt guarantees to Naftogaz under loan agreement with Gazprombank

October 10, 2013, 23:36 UTC+3
Ukraine’s state budget for 2013 provides for government guarantees of up to 50 billion hryvnias (6.25 billion U.S. dollars)
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KIEV, October 10 (Itar-Tass) - The Ukrainian parliament on Thursday voted in favor of extending government guarantees of 11 billion hryvnias (about 1.38 billion U.S. dollars) to the national oil and gas company Naftogaz Ukrainy to secure obligations under loan agreements with Russia’s Gazprombank worth two-billion U.S. dollars and with domestic banks.

A total of 231 lawmakers voted in favor of the corresponding law introducing amendments to the country’s state budget. At least 226 votes were needed to pass the law.

According to the Ukrainian ministry of energy and coal industry, Naftogaz’s debt to Gazprombank stood at 1.794 billion U.S. dollars as of the beginning of September, so government guarantees to the sum of at least 500 million U.S. dollars were needed.

Ukraine’s state budget for 2013 provides for government guarantees of up to 50 billion hryvnias (6.25 billion U.S. dollars).

Naftogaz signed term loan facility agreements worth up to two billion U.S. dollars with Russia’s Gazprombank, and with Ukraine’s Oshchadbank, Ukrgazbank, Urkeximbank, and others.

Presenting the bill, Minister of Energy and Coal Industry Eduard Stavitsky said that it will help balance Naftogaz’s money flows be means of extending the term of the use of the credit sum worth two billion U.S. dollars for seven years and in the long run will ensure stable operation of Ukraine’s gas transport system.

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