Report: Ukraine’s Naftogaz Ukrainy to take $500 mln loan on gas Nov

KIEV, Oct 19 (PRIME) -- Ukrainian energy holding Naftogaz Ukrainy plans to sign a U.S. $500 million loan agreement with Citibank and Deutsche Bank in November in order to finance gas purchases, online newspaper Apostrophe. Economy reported on Wednesday, citing a source.

“Under the initial plan, the loan agreement with commercial banks was to be signed on about October 20 but… the signing of the documents has been postponed to the second half of November,” the source said.

The loan is to be provided as a 2-year revolving credit line to be repaid in the next two years.

Ukraine suspended pumping natural gas in its underground storages on October 16 although they were only 48% full. Russian Energy Minister Alexander Novak has warned that the amount is not enough to ensure a smooth passing of the winter, and that Ukraine could start using transit gas.

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