The Ministry
of Finance welcomes the adoption of the draft law No. 3388 by the Parliament on
January 26. This law supplements the Law on the state budget for 2016 and paves
the way for receiving funding from international financial organizations
amounting up to USD 1b for the purchase of natural gas from European suppliers.
This step
continues the comprehensive reform in the energy sector which Ukraine and our
citizens have been waiting for since 20 years already. The reform is aimed to
establish relations to new suppliers and diversify gas supplies, establish
transparency and responsibility in the activities of the National Joint-Stock
Company «Naftogaz Ukraine», overcome the monopoly of Gazprom and, most
important, to foster the energy security of our country.
Last year, the
President approved a few revolutionary changes in the Ukrainian gas market in
line with the Third Energy Package of the EU. Those changes had been elaborated
in the preparation to receive the Second development policy tranche from the World
Bank. These changes are already underway, they have opened up our market for
free competition; this shall contribute to further gas price reductions as well
as to better service quality for gas consumers.
In last six
months we have managed to agree long-term revolving loan facilities for
Naftogaz with our international partners (including the World Bank, EBRD, IFC).
Their total volume is USD 1b. This will enable us to implement new long-term
funding mechanisms for the purchase of gas.
We have already signed a loan
agreement with the EBRD for USD 300m with a duration of three years and started
to use these funds. Thanks to these latest changes we also can sign a five-year
loan warranty agreement with the World Bank for USD 500m and another one with
the IFC for USD 200m. These agreements mean a new standard of transparency and
reporting procedures related to the conclusion and execution of purchase
contracts as well as a new level of financial responsibility.
«Thanks to our
cooperation with international partners, Ukraine is for the first time in its
independent history prepared financially for the next heating season. We are
grateful to our partners from the EU, USA and to other international partners
for their support to Ukraine including revolving loan facilities",
Minister of Finance Natalie Jaresko said.
The above
changes shall enable Naftogaz to secure smooth supply in heating periods, to
diversify the purchase of natural gas and to fill gas storage facilities at the
most favorable prices.
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