The European Bank for reconstruction and development is ready to continue financial support for the purchase of gas for Ukraine and even to increase it, but sees as an obstacle the absence of an independent Supervisory Board to Naftogaz. This was stated by Director of the EBRD in the countries of Eastern Europe and the Caucasus Francis Malige, UNIAN reports.
“The problem in Naftogaz needs to be solved. We worked with the Big seven, with sister international financial institutions, and came out with suggestions to the government in this regard. We hope that the process of reforming Naftogaz” will continue, – said Malige.
He noted that this is an immediate problem, as companies require an independent Supervisory Board, and Ukraine has some time to solve, since the three-year term of the program of EBRD on financing the purchase of gas for $300 million expires at the end of winter. “We want to continue, and may even increase the credit line, but during this period we need to agree on what to do next with the reform of corporate governance,” added the Malige.
Credit line of EBRD in the amount of $ 300 million was opened in October 2015 and is intended for the purchase of gas on the Western border of Ukraine. One of the terms of the EBRD loan was the implementation by the Government of Ukraine of the action plan for corporate governance reform in Naftogaz.
The EBRD loan is a revolving credit for three years. During this period, Naftogaz might repay and re-borrow funds in that amount to Finance the advance of gas purchases.
19 September 2017, it became known that the head of the Supervisory Board of Paul Warwick and a member of the Supervisory Board Marcus Richards retire.
In his letter to Naftogaz Paul Warwick and Marcus Richards noted that in April 2017, they have already expressed to the representatives of the Cabinet of Ministers its clear position regarding the failure of the government plan for the reform of corporate governance of Naftogaz.
Already four members of the Supervisory Board of Naftogaz announced his resignation. Before the post went Yuliya Kovaliv, who was the representative of the state, and announced his resignation, another independent member of the Supervisory Board Charles Proctor.