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EBRD SUPPORTS PRIVATE GAS IMPORTER ERU TRADING
ERU is a member of the U.S.-Ukraine Business Council
EBRD, Kyiv, Ukraine,
Wed, July 7, 2021
KYIV-- With a new loan of €10 million to ERU Trading LLC, a privately owned gas trader, the European Bank for Reconstruction and Development (EBRD) is supporting competition and security of supply in the energy sector in Ukraine.
ERU Trading is the largest private importer of natural gas from Hungary, Poland, and the Slovak Republic to Ukraine. The company secures low-cost gas from the European Union (EU) during the summer season and stores gas in Ukraine for domestic sale during the winter.
The EBRD’s two-year revolving working capital facility will boost the company’s trade capacity.
Matteo Patrone, EBRD Managing Director, Eastern Europe and the Caucasus, said: “By supporting a privately owned gas trader, we are supporting further liberalisation of the energy market, greater competition and security of supply in Ukraine. Private gas trade also promotes greater utilisation and integration of the country’s transport and storage infrastructure with the EU gas market.”
Olga Mamedova, Head of the Legal Department of ERU Trading, added: “Today’s signing of the agreement with the EBRD means an acknowledgment that ERU Trading follows and complies with high standards and policies of doing business. This credit facility will help our company to contribute to ensure the reliability of supply to Ukrainian customers during the challenging winter season of 2021-22.”
As part of the agreement, ERU Trading has committed to continuing to provide career opportunities for women. The company plans to hold career guidance events and share best practices with other companies in the sector.
The EBRD is a leading institutional investor in Ukraine. In the past two years alone, the Bank has committed €2 billion to the country’s economy. Supporting sustainable development, liberalisation and sound competition in Ukraine’s gas market are among EBRD’s key priorities.
LINK to EBRD story.
USUBC NOTE: Energy Resources of Ukraine (ERU) is a long-time member of U.S.-Ukraine Business Council (USUBC), www.USUBC.org, Washington, D.C.
ERU & EBRD signed a two year committed loan agreement for 10 mln Euro
ERU, Kyiv, Ukraine, July 07, Wed, 2021
KYIV - ERU and EBRD signed a two year committed loan agreement for 10 mln Euro to finance gas trading operations related to the usage of Ukrainian gas underground storages. This deal will support ERU in its preparation for the winter season and help to secure reasonable cost financing of additional gas in Ukrainian storages.
"We are proud to be the first private company signing such a deal to finance gas in Ukrainian storages. ERU strongly believes that Ukrainian infrastructure, and storage specifically, plays an important role in securing gas supply in Eastern Europe as well as reducing price spikes not only during the winter season but also while there is planned maintenance on a main non-Ukrainian gas transit routes to Europe. We consider this deal as a first step for wider cooperation with EBRD in energy efficiency, district heating, renewable generation and other areas," said Yaroslav Mudriy, Managing Partner of ERU.
Energy Resources of Ukraine (ERU) is a group of companies with foreign investments, which specializes in the implementation of projects in the Ukrainian energy sector, combines expertise formed for over 35 years of international projects implementation with deep understanding of the local market. ERU Management Services LLC is an American parent company, which is a part of the Group and carries out trading transactions.
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