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EBRD earmarks 300 million U.S. dollars for Ukraine to cover gas imports

Xinhua, October 23, 2015 Adjust font size:

The European Bank for Reconstruction and Development (EBRD) has allocated a loan worth 300 million U.S. dollars for Ukraine to finance its natural gas imports, Ukrainian authorities said Friday.

The press service of the Ukraine's national energy firm Naftogaz said in a statement that an agreement on extension of the loan was signed earlier in the day in Berlin on the sidelines of a Ukraine-Germany business forum.

The funding will be used by Kiev to purchase about 1 billion cubic meters of gas on the European market through the so-called reverse flow arrangement, the statement said.

The loan, with a three-year repayment period, is aimed at ensuring Ukraine's energy security with diversified gas suppliers and delivery routes.

In exchange for the funding, Ukraine has undertaken a commitment to speed up restructuring of its energy sector, making it more transparent and efficient.

Currently, Ukraine is purchasing gas from Russia at the price of 227.4 dollars per 1,000 cubic meters, while fuel imported from Europe costs it about 250 dollars per 1,000 cubic meters. Endi