Galnaftogaz to Receive USD 200 mln Loan from EBRD and IFC
19 December 2008
According to Ukrainian News, The European Bank for Reconstruction and Development provided a USD 100 mln loan to Galnaftogaz (GLNG: U/R) in connection with EBRD and the International Finance Corporation joint program. Another USD 100 mln and will be provided by IFC soon. The funds will be used to modernize its current facilities and to finance chain expansion. Earlier this month, Galnaftogaz announced its plan to expand its network to 350 stations by 2009, vs. 189 as of October.
