Energocom has fully used the first tranche of a €100 million loan from the European Bank for Reconstruction and Development to Moldova for the implementation of the Security of Natural Gas Supply project.
These funds were used to purchase 101.2 million cubic meters of gas at an average price of $967.7 per thousand cubic meters, the Public Property Agency reports, bani.md reports.
Between October 17 and November 2, 30 auctions were held involving observers on behalf of donors, law enforcement and legal structures. This is gas purchased entirely from the European Union.
The European Bank for Reconstruction and Development (EBRD) has provided Moldova with a € 300 million loan to help the country boost its energy security by purchasing strategic gas reserves.
The loan is granted to Energocom, which will purchase natural gas at the European Union's hubs.
The loan consists of two tranches: an emergency tranche of €200 million will be used in case of supply disruptions, while the second tranche of €100 million will be used to create a strategic gas reserve to be stored in Romania or Ukraine to avoid seasonal price spikes and enhance energy security.