Ukraine to provide UAH 560mn of state guarantees to Deutsche Bank.

By bne IntelliNews October 17, 2012
Ukraine will provide state guarantees worth UAH 560mn to the Deutsche Bank, which credits a project for national gas transportation system modernization. State guarantees are necessary for realization of the project for modernization of the compressor station Bar of the Soyuz main pipeline in compliance with a Memorandum of understanding between the Naftogaz Ukrainy and Ferrostaal Industrieanlagen on obligations of the daughter company Ukrtransgas. Approximate cost of the project modernization is EUR 50mn. The German Company proposed financing 85% of the project cost through a credit from German bank Deutsche Bank, 15% are the funds of Naftogas. Modernization of the Bar compressor station of the Soyuz main pipeline is one of directions of the Ukrainian GTS reconstruction. It is envisaged that as a result of modernization, a term for exploitation of gas turbines and gas compressors will be prolonged for next 15 years, volumes of thermal gas consumption by turbines will be reduced approximately by 28% with full loading of equipment, and gas compressor efficiency factor will be raised.

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