National joint-stock company Naftogaz Ukrainy is in talks with Kyiv-based Ukrgasbank on the opening of a Hr 1 billion credit line, according to a posting on the Web site of the Economic Development and Trade Ministry.
The report says that the credit will be taken through holding a tender with one bidder.
The cost of the credit servicing will amount to Hr 183 million, including Hr 76.5 million in 2011.
A source in the government told Interfax-Ukraine that the state holding plans to open the credit line at Ukrgasbank to buy natural gas as a part of preparations for the next heating season.
The funds will be also sent to finance a program on gasification and settling of social issues.
As reported, Naftogaz Ukrainy is in talks with the State Export-Import Bank (Ukreximbank) on a Hr 625 million loan for payment for Russian natural gas supplied by Russia’s OAO Gazprom in July 2011.
The financial plan of the holding for 2011 foresees raising loans worth some Hr 3 billion to buy natural gas in the spring and summer period.
The holding said that the taking of commercial credits would not result in the worsening of the financial state of the company, as the price of natural gas bought as a part of preparations for the next heating season will grow.
From April 15 to July 18, 2011 around seven billion cubic meters (bcm) of gas was pumped into underground gas storage facilities.
As of July 18, 2011, Naftogaz has accumulated 16.9 bcm of gas.
Naftogaz Ukrainy unites Ukraine’s major oil and gas enterprises and holds a monopoly on the transit and storage of gas in the country.
The company’s enterprises are also engaged in transporting oil by pipeline in Ukraine.
Ukrgasbank was established in 1993. In 2009 the bank became a member of an anti-crisis recapitalization program and the state-owned stake in the statutory capital of the bank came to 87.719%.
According to the National Bank of Ukraine, Ukrgasbank ranked 17th among 176 operating banks in Ukraine in terms of total assets (Hr 13.491 billion) as of April 1, 2011.
