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    Ukraine's Naftogaz Unlikely to Get Loan for Winter Gas Storage Facilities

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    Ukraine’s state gas company Naftogaz will unlikely get any financing from the European Bank for Reconstruction and Development for 2015 because of the lack of reforms.

    TBILISI (Sputnik) – Ukraine’s state gas company Naftogaz will most likely not get any financing from the European Bank for Reconstruction and Development for 2015 to cap off its underground storage facilities by winter because the bank has not noted any progress in the company’s reformations, an EBRD source told RIA Novosti on Friday.

    “The main problem now is that Naftogaz doesn’t want to make reforms and without reforms it won’t get any money,” the source said.

    The source said that because of the lack of reforms that Naftogaz would unlikely get any funds from EBRD in 2015.

    “I would be very surprised if they received financing by the EBRD by the end of the year,” the source said.

    According to the source, Naftogaz needs approximately $685 million to fill its underground facilities with Russian gas for deliveries to Europe.

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    Tags:
    Naftogaz, European Bank for Reconstruction and Development in Europe (EBRD), Ukraine
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