Naftogaz Raised Billions of Euros: What the Funds Will Be Used For.
The company 'Naftogaz' is actively preparing for the next heating season. In particular, it is procuring gas and modernizing energy generation. Since the beginning of the year, 'Naftogaz' has contracted 1.5 billion cubic meters of gas. Part of this volume was imported at the beginning of the year, while the other part is expected soon. Moreover, the company purchased 300 million cubic meters of liquefied natural gas from the Polish group ORLEN.
As part of its preparation for the heating season, 'Naftogaz' received funding from the European Bank for Reconstruction and Development amounting to 430 million euros. These funds will be used to purchase another 1 billion cubic meters of gas. Additionally, the company is in negotiations with the government and international financial institutions to attract funding of 1 billion euros for the acquisition of 2 billion cubic meters of gas.
Previously, 'Naftogaz' named three reasons for the rising debts for gas.
Furthermore, the company is also increasing the backup capabilities of the energy system, providing additional backup generation capacity of 177 megawatts for over 500 thousand Ukrainians. These measures will improve the reliability of the Ukrainian energy system.
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