The state-owned UGB Bank (Ukrgasbank) and PJSC Ukrnafta have signed a loan agreement under which the company will receive UAH 4 billion to implement an investment programme to increase oil and gas production by drilling new wells and building modern gas piston units, as well as to implement cogeneration projects.

‘As a state-owned bank, we are doing our best to help the country. That is why we support the company that is working to increase production and build new decentralised capacities. This will help to strengthen the Ukrainian energy system after losses due to enemy attacks,’ said Rodion Morozov, Acting Chairman of the Board of Ukrgasbank.

‘The funds raised will be used to finance drilling and production stimulation programmes and the construction of modern gas compressor stations. I am grateful to our reliable partner Ukrgasbank for their support and trust,’ said Sergiy Koretsky, PJSC Ukrnafta’s CEO.

The loan will be used to drill new wells, as well as to build and launch modern gas reciprocating units.

The loan term and interest rate were not disclosed.

Source: https://www.ukrgasbank.com/