EBRD confirms its commitment to support modernisation of Ukraine's gas transit system

By Anton Usov

“EBRD is committed to assisting Ukraine with the modernisation of the country’s gas transit system under the terms of a March 2009 Memorandum of Understanding (MoU) signed by the European Union, the European Investment Bank, the World Bank, the EBRD and Ukraine. Among the requirements of the MoU is reform of the gas markets and the comprehensive restructuring of NAK NaftoGaz," André Küüsvek, EBRD Director for Ukraine, said.

The EBRD and the EIB are currently working on the preparation of a US$308 million loan focused on emergency repairs to the main Urengoy - Pomary - Uzhgorod export pipeline, which are urgently required for safe and uninterrupted gas transit to Europe. This loan can be available by the end of 2012, providing the Ukrainian authorities take real steps aimed at implementation of the agreed reform agenda.