Energocom to Start Repaying EBRD Loan

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It was taken to purchase gas last year. The state-owned enterprise Energocom has begun repayments on a loan to the European Bank for Reconstruction and Development (EBRD). The first payment amounted to 35 million euro out of the €300 million euro of loan, as the company’s press release says. Closing of the first tranche for 100 million euros is scheduled for July 1. Energocom reported that more than 300 million cubic meters of gas were purchased with the provided loan from October 17, 2022 to January 10, 2023. 130 tenders were arranged to diversify sources of natural gas purchases and create strategic reserves unavailable in the country until last fall. “These purchases were planned to prevent emergencies, as the whole Europe was preparing for a gloomy scenario, i.e. the shutdown of gas by the Russian Gazprom,” Energocom said. All loans for the purchase of gas have already been used. They must be repaid within three years.