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China сloses loan contract in sum of 3.6 billion dollars with Ukraine

Source : 112 Ukraine

The CDB expressed the readiness to work with 'Naftogaz' on the new projects
15:01, 17 November 2017

China Daily

The China Development Bank (CDB) reported to the 'Naftogaz-Ukraine' on the close of the general loan contract in the sum of 3.656 billion dollars from December 25, 2012, as the press service of 'Naftogaz' reported.

The company reminds that the projects for the credit funds should be transferred to the Bank until June 25, 2017, according to the agreement. However, 'Naftogaz' agreed to extend a deadline to August 1 due to the delay of the receiving of the coordination from the Ukrainian government bodies in June 2017.

''Naftogaz' transferred the documents for the agreement to the interested ministries in February 2017 last time and then filed more than 40 letters to the Ukrainian government with the request to fasten the consideration of the submitted documents', the message said.

Related: Omitting "Naftogaz:" Why is it profitable for foreigners to sell gas in Ukraine?

It is noted that 'Naftogaz' got the necessary documents for the agreement in October and they were transferred to the CDB after the approved deadline.

'As the result of this, the CDB informed 'Naftogaz' on the impossibility to process the received documents and on the close of the loan contract from 2012', the message said.

The CDB expressed the readiness to work with 'Naftogaz' on the new projects.

Also, it is noted that 'Naftogaz' Group began the active cooperation with the leading Chinese companies out of the mentioned agreement.

Related: Naftogaz investigates Ukrtransgaz board member over Paradise Papers

'The total cost of the contracts with the Chinese companies that are at the conclusion stage is about 300 million dollars', the message said.

The Trade and Economy Office of Embassy of Chine to Ukraine confirmed the readiness of the Chinese side for the further cooperation.

'We are satisfied with the results of the work between the Chinese companies and 'Naftogaz' Group, particularly with 'Ukrgazvydobuvannya' and expect the further mutually profitable cooperation with 'Naftogaz''.

Related: Naftogaz claims to not hold monopoly position at gas market in Ukraine

'Naftogaz-Ukraine' signed a contract with the CDB in the sum of 3.656 billion dollars for the implementation of the projects on the substitution of the gas by the coal in December 2012. The term of the credit line was 19 years.

The implementation of the agreed projects became impossible due to the war in the East of Ukraine. The Ukrainian side offered to the bank to change the list of the projects and got the agreement from the Chinese side.

Related: Ex-leader of Naftogaz Ukraine company arrested in Moscow

According to the original conditions, the projects should be submitted by the 'Naftogaz' until June 24, 2016, but the Chinese side agreed to extend the deadline for many times.

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