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The Cabinet of Ministers has agreed on the opening by the national oil and gas holding company Naftogaz of Ukraine of a credit line in the state-owned Ukrgasbank, with a loan limit of up to UAH 3.5 billion.
The relevant decree of the Cabinet of Ministers of August 9 was published in the Ukrainian government's Uriadovy Kurier newspaper on August 19.
"To agree on attracting by PJSC Naftogaz of Ukraine a short-term loan at PJSC Ukrgasbank by concluding a credit agreement for a loan in the form of a non-revolving credit line with a loan limit of up to UAH 3.5 billion," the document says.
At the same time, the purpose of attracting the funds has not been specified.
Read alsoNaftogaz dismisses Supervisory Board independent memberAs UNIAN reported earlier, according to the financial statements of Naftogaz for 2016, the company had a portfolio of long-term bank loans amounting to UAH 23 billion and short-term loans worth UAH 47 billion as of December 31, 2016.
UNIAN memo. Naftogaz of Ukraine is Ukraine's largest state-owned vertically integrated oil and gas company, with its enterprises producing about 90% of all gas and oil extracted across Ukraine.
Read alsoNaftogaz to raise claims against GazpromThe company is engaged in the development of deposits, extraction of oil and gas, their transportation, as well as the sale of petroleum products through its own network of filling stations.