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NAK Emergency Gas Finance



Project number:


Business sector:

Natural resources

Notice type:


Environmental category:


Approval date:

30 Mar 2022



PSD disclosed:

21 Jun 2022

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

Up to EUR 300 million revolving credit facility to National Joint Stock Company "Naftogaz of Ukraine" (the "Company", or "NAK") to finance emergency gas supply. The proposed transaction will be a part of EUR 1.0 billion package needed to buy up to one billion cubic metres of gas. The loan will be backed by the Ukraine's sovereign guarantee. In addition, EBRD shareholders will guarantee up to 66% (EUR 200 million) of the loan.

Project Objectives

The strategic importance of the transaction is driven by the energy security objective to ensure uninterrupted gas supply in Ukraine. This is essential to safeguard basic needs and economic livelihoods of local population, industrial industries and utilities affected by the war.

Transition Impact

ETI score: 65

ETI 65

The transition impact of the project will stem from the following two transition impact qualities:

Resilient: the project aims to support energy security in Ukraine through emergency gas purchases to compensate for the disruption of natural gas production and imports. The transaction will also support reform objectives of previous engagements with NAK aimed at Ukrainian gas market integration with the EU, in particular through application of competitive procurement mechanism and EFET based gas supply contracts.

Inclusive:the project will help safeguard access to vital energy services for people, whose livelihoods and economic security is at immense risk due to the war in Ukraine. The project will also support NAK in tackling critical workforce challenges due to involuntary relocation, workforce losses and attrition.

Client Information


NAK, 100% state-owned vertically integrated oil and gas holding in Ukraine is the country's largest natural gas producer (accounting for 75% of domestic gas production), importer, wholesale trader and supplier of last resort for the needs of population and the district heating utilities.

EBRD Finance Summary

EUR 300,000,000.00

EUR 300,000,000.00

Total Project Cost

EUR 300,000,000.00

EUR 300,000,000.00


Innovative financing structure - as financing is not available in the market to close the Company's funding gap; by using EBRD's procurement expertise and client relationships to facilitate support from shareholder countries and EU; and standard-setting by assisting NAK in designing an approach to critical workforce challenges caused by hostilities.

Environmental and Social Summary

Use of proceeds will fund emergency gas purchase; therefore, the project definition is limited to the trading activity only. The EBRD Performing Requirements (PRs) shall apply to this activity and to the corporate environmental, social, labour and health and safety policies and management systems of NAK. Once the gas is purchased, the impacts associated with the actual physical transportation and storage of gas can be readily identified and mitigated. Given the emergency situation for this loan, project appraisal relied on results of previous projects with NAK, which concluded that the Company has the capability and resources to operate in line with the Bank's PRs. There is no GET component associated with this project. The project is considered Paris aligned for climate mitigation, but no assessment can be made on the Paris alignment for adaptation given that the source of gas and infrastructure used for shipping and storage is not known.  Physical Climate Risk screening is not applicable for this project.

Technical Cooperation and Grant Financing

Inclusion TC: Main objective of assignment is to support NAK to tackle critical workforce challenges due to relocation, workforce losses and attrition. The Phase I TC will cover a combination of needed inclusive measures, including workforce mapping and emergency management in terms of recruitment and retention, as well as training of replacement staff and skills recovery and development programmes to support workers with the strengthening of their adaptability skills. The Phase II TC could cover medium-term strategic workforce planning solutions and the development of an Equal Opportunities Action Plan to support women's access to economic opportunities and ensure that the share of women in the workforce does not decrease compared to the pre-conflict baseline, while gradually increasing during reconstruction.

Company Contact Information

Volodymyr Bariyatskyy
+380 (44) 5863509
Bohdana Khmelnitskogo Str. 6, Kyiv, Ukraine, 01601,

PSD last updated

21 Jun 2022

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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