Naftogaz $300 million revolving credit facility

Overview:

• Ukraine's national oil and gas holding company Naftogaz agreed a $300 million loan from the European Bank for Reconstruction and Development (EBRD).
• The revolving credit facility will be used to purchase gas to ensure the country has sufficient supplies during winter.
• The EBRD's loan to Naftogaz was conditional on the company implementing certain reforms.
• Ukraine is in the process of reforming its energy sector to increase transparency, decrease corruption and liberalise a market over which Naftogaz has long had a monopoly.

Ben Naylor - Regional editor