27.07.2012
Naftogaz Ukrainy — Plans to attract $78m revolving credit line from Ukreximbank

State oil and gas monopoly Naftogaz Ukrainy plans to attract a UAH 625m ($78m) revolving multi-currency credit line from state-owned Ukreximbank to pay for July’s gas imports. Total interest costs over the life of the loan are estimated at UAH129.9m ($16.2m).

Dragon Capital view: The loan amount is quite small as it can buy a mere 0.18 bcm of gas at current prices (compared to the 2.5 bcm Naftogaz imported in June). We estimate the loan carries an interest rate of 17% p.a. based on reported interest costs of UAH 54m due to be paid until end-2012.

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