EBRD LETTERS OF CREDIT TO NAFTOGAZ WILL ENABLE EUROPEAN MAJORS TO DIVERSIFY UKRAINE GAS SUPPLY
July 1st, 2019
THE EUROPEAN Bank for Reconstruction & Development (EBRD) is planning to offer letters of credit of EUR60 million to Ukraine’s gas major Naftogaz, helping it buy gas for the upcoming winter season through private facilities with reputable traders, without drawing on sovereign guarantees. The letters of credit will last one year and can be issued in multiple units up to the EUR60 million cap. The EBRD added that they can back-up a minor portion of Naftogaz's payment obligations under annual gas import contracts with reputable gas suppliers. They would ...
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