Business

23 November 2022, 02:33 PM

Government transfers $345 million of “Canadian” funds to Naftogaz for gas purchases

Ukraine’s Cabinet of Ministers have provided UAH 12.7 billion ($345.3 million) to national fossil fuel company Naftogaz of Ukraine for the purchase of gas, Prime Minister Denys Shmyhal reported on Telegram on Nov. 23.

“Earlier, Ukraine received these funds from the Canadian government,” Shmyhal explained.

“The procedure for using state budget funds for the purchase of gas in 2022-2023 was approved at today’s government meeting.

”Shmyhal also added that Norway allocated about €200 million ($206.3 million) to Ukraine for the purchase of gas. Before that, the EBRD agreed to provide €300 million ($309.4 million) for these needs. These funds will also be provided to Naftogaz.

The Norwegian government announced on Nov. 21 that it would help Ukraine with the purchase of gas for the coming winter by providing financing in the amount of NOK 2 billion ($199 million). The funds will come through the European Bank for Reconstruction and Development.

As of the beginning of November, Ukraine has accumulated 14.6 billion cubic meters of gas. There are also 1.5 million tons of coal in thermal power plant and combined heat and power warehouses.

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