Ukraine's Naftogaz gets Chinese backing for $1 bln in loans and investment – media

17:58, 02 April 2019
Economy
655 0
REUTERS

Naftogaz said insurance cover from China's Sinosure would initially be used to allow it to borrow about $160 million for its gas production division to buy Chinese drilling equipment and services, Reuters said.

Read alsoNaftogaz cuts gas imports by 14.8% in Jan-March

"At the second stage, another $800 million is planned for additional Naftogaz group projects that will be agreed upon with China in the near future," Naftogaz said, noting the deal with Sinosure did not require a sovereign guarantee.

Naftogaz is Ukraine's biggest gas producer and its output accounts for around 75% of the country's total gas production. 

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