subscribe to newsletter
24.3 24.65
26.7 27.25
Economy 2019-09-15T04:20:27+03:00
Ukrainian news
Naftogaz Reaches Agreement With Chinese Sinosure On Providing Insurance Quota For USD 1 Billion

Naftogaz Reaches Agreement With Chinese Sinosure On Providing Insurance Quota For USD 1 Billion

The Naftogaz of Ukraine national joint-stock company reached agreement with the Sinosure credit agency (China) on providing an insurance quota for USD 1 billion.

Naftogaz said this in a statement, Ukrainian News Agency reports.

"The state export credit agency of the PRC Sinosure and Naftogaz signed a Memorandum on granting an insurance quota for USD 1 billion to the Naftogaz group, which will allow to attract debt financing and direct investments from the PRC within this amount," the statement reads.

It is noted that at the first stage, about USD 160 million will be raised under the Sinosure insurance coverage to finance the existing contracts of the UkrGasVydobuvannya state gas producing company with Chinese corporations that supply drilling equipment and carry out turnkey drilling.

Also, at the second stage, another USD 800 million is planned to be channeled to other projects of the Naftogaz group, which will soon be agreed with the Chinese side.

As Ukrainian News Agency earlier reported, in 2019, Naftogaz plans to increase profit 6.5 times or by UAH 77 billion to UAH 91.02 billion.

In 2017, the Naftogaz group increased net profit 2.2 times or by UAH 21.6 billion to UAH 39.449 billion year over year.

In 2017, revenue from sales increased by 18% or UAH 34.714 billion to UAH 227.478 billion.

The Naftogaz of Ukraine national joint-stock company is a leading enterprise of the fuel and energy complex of the country, which is engaged in exploration and development of fields, drilling, transportation and storage of oil and gas, as well as supplying consumers with gas.


Archive
News

ok