Russian Troika may help Naftogaz get funds -report

Mon Jul 6, 2009 3:13am EDT
 
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MOSCOW, July 6 (Reuters) - Ukraine's state energy firm Naftogaz could secure up to $4 billion in financing with the help of Russian investment bank Troika to enable it to pay gas debts to Moscow, the Ukrainskaya Pravda reported on Monday.

The authoritative Internet news service published a copy of a draft contract between the two companies, according to which Troika will organise the necessary financing for Naftogaz by syndicating loans or by organising bond issuance. The deal may be signed later this month, it said.

Moscow has repeatedly warned Europe could face new supply disruptions if Ukraine fails to find the money to pump Russian gas into underground storage to ensure smooth winter supplies.

Ukraine has said it needs at least $4 billion in credits to buy Russian gas for storage and hopes to raise the funds through European banks.

Privately-owned Troika, one of the oldest and largest home-grown investment banks in the former Soviet Union, will get a commission on any financing its secures for the Ukrainian firm and will also have access to any the Naftogaz paperwork necessary for the deals.

Two sources close to Troika and Ukrainian officials confirmed talks between the two companies without giving details, Russian business daily Vedomosti reported. (Writing by Toni Vorobyova)

 

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