China has extended until December 25, 2017 the availability of credit, the State development Bank of China to NAK Naftogaz Ukraine in the amount of $3.65 billion About it reports a press-service of the company.
“Credit facilities under the loan agreement dated 25 December 2012 between Naftogaz of Ukraine and the State development Bank of China with $3.65 billion will be available for use until December 25, 2017”, – stated in the message.
The Chinese side made the decision on August 25 during the Protocol meetings of the Subcommission on trade and economic cooperation of Commission for cooperation between the government of Ukraine and the government of China.
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“The extension of the availability period of the loan will allow Ukraine not to lose the ability to use long and competitive in price means for the modernization of the energy sector should be sufficient to agree on a unified position on the use of these funds between all the Ukrainian authorities,” – said Naftogaz.
Recall that in early 2015 the State development Bank of China has granted Naftogaz a loan of $3.7 billion under the government guarantee.
Under the agreement, 60% of the credit line Naftogaz has to buy equipment from China and 40% – Ukrainian. That is, 40% will go to the Ukrainian industry to increase the efficiency sector.