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China tells Naftogaz it terminated $3.656-bln loan signed in 2012
Journal Staff Report

KYIV, Nov 17 China Development Bank has notified national energy company Naftogaz Ukrayiny on the termination of the general loan agreement for the amount of $3.656 billion signed in 2012, the press service of the Ukrainian company has reported.

Naftogaz recalled that under the terms of the agreement guaranteed by the state, projects for borrowed funds were to be transferred to the bank before June 25, 2017. Because of the delay in obtaining approvals from Ukrainian public agencies, in June 2017, Naftogaz arranged to postpone the transfer until Aug. 1, 2017 with China. The last time Naftogaz handed over the documents for approval by the requisite ministries in February 2017 and since then sent more than 40 letters to these ministries and the Cabinet of Ministers of Ukraine with a request to speed up the consideration of the submitted materials.




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