02:14 20.06.2017

CEZ, ENGIE, PGNiG prequalified to sell gas to Naftogaz for EBRD funds

2 min read
CEZ, ENGIE, PGNiG prequalified to sell gas to Naftogaz for EBRD funds

CEZ A.S. of the Czech Republic, ENGIE SA of France and Polskie Gornictwo Naftowe I Gazownictwo Spolka Akcyjna (PGNiG) of Poland have been prequalified for participating in tenders to sell gas to NJSC Naftogaz Ukrainy for funds to be lent by the European Bank for Reconstruction and Development (EBRD), Naftogaz said with reference to an EBRD announcement.

Eleven companies passed the prequalification stage of preparations for the disbursement of a third tranche of up to $300 million revolving loan.

Among them are Axpo Trading AG (Switzerland), EDF Trading Limited (the United Kingdom), Eni Trading & Shipping S.p.A (Italy), Handen SP.z.o.o, (Poland), VNG Slovakia s.r.o and Slovensky Plyarensky Priemysel s.a. (both from Slovakia), RWE Supply & Trading GmbH, Uniper Global Commodities SE, PGNiG Supply and Trading (all three from Germany).

A combined bid is from Hungarian Gas Trade Ltd (Hungary) and MFGK Slovakia s.r.o (Slovakia).

The prequalified companies will have to comply with additional requirements, which they should meet within the deadline set by the bank.

Thirteen companies underwent prequalification in 2016.

The EBRD's $300 million gas purchase facility became available in October 2015. It is designed for the purchase of gas on the western border of Ukraine. The EBRD's loan is a revolving three-year credit facility. During this period, Naftogaz may repay and again borrow funds within the said limit to finance forward gas purchases.

One of the conditions for the loan was the Ukrainian government's action plan to reform corporate management at Naftogaz.

During the first round of the use of the EBRD's loan funds, Naftogaz bought 1.7 billion cubic meters of gas for the 2015-2016 heating season. During the second round, it bought 1.8 billion cubic meters of gas during the 2016-2017 heating season.

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