Energorynok borrows UAH 700 million for 12 months to buy coal / Photo from UNIAN
State-run enterprise Energorynok, the operator of Ukraine's wholesale electricity market, has borrowed two loans worth a total of UAH 700 million from state-owned Oschadbank at a public procurement tender, according to the company's announcement on the Public Procurements web portal.
Loan agreements were signed on August 5, the announcement says.
The loans were raised for 12 months.
As UNIAN reported earlier, the Cabinet of Ministers on July 24 issued a resolution permitting Energorynok to raise UAH 2 billion in loans from Oschadbank to handle advance payments to energy generating companies that will use those funds to buy coal.
The resolution aims at ensuring the reliable operation of the Ukrainian power grids in autumn 2015 and winter 2015/2016. The loans are due to be repaid by May 1, 2016.
UNIAN's memo. State-run enterprise Energorynok is the wholesale electricity supplier and the administrator of the wholesale electricity market's billing system.
In January-June 2015, Energorynok increased its net profit by 68 times year-over-year to UAH 1.52 billion from UAH 22 million.