Kyiv Hoping for Western Loan to Buy 2Bln Cubic Meters of Gas
KYIV (Sputnik) – Kyiv is hoping to receive a loan soon for the purchase of two billion cubic meters of gas for its reserves in its underground storage facilities, Ukrainian Energy Minister Volodymyr Demchyshyn said Friday.
“The main problem has been in financing and at this moment there is no money. We have done much work with western financial institutes and as of today there is confidence that in the near future enough money will be received in order to purchase an additional two billion cubic meters of gas,” Demchyshyn said at a parliament session.
In late August, Demchyshyn said he expected Ukraine to receive a loan for winter gas supplies by the end of October.
On July 1, Kyiv suspended gas purchases from Russia’s energy company Gazprom after the two countries were unable to reach an agreement covering the third quarter of 2015. At present, Ukraine receives reverse gas flows from the European Union.
Ukraine increasingly relies on external financial assistance amid a deep recession and high inflation following its initiation of a military campaign against Donbass independence supporters in the southeast of the country.