EBRD ready to annually invest up to EUR 500 m in oil and gas projects
2011-03-02 14:59:41
The European Bank for Reconstruction and Development (EBRD) is ready to annually invest up to EUR 500 million in oil and gas projects in Ukraine in the form of long-term loans to oil and gas companies. Managing Director of Energy and Natural Resources at the EBRD Riccardo Puliti announced this at the Ukrainian Energy Forum organized by the Adam Smith Institute.
He said that the issue, first and foremost, concerned projects on the extraction of hydrocarbons. "We would be interested in cooperation with drilling and shipping companies in Ukraine," Puliti said. He said that the bank had no practice of investing in exploration - "this must be done using the own funds of companies," he said.
The EBRD representative also said that Ukraine had recently seen improvement in the legal framework in the oil sector, but "we would very much like the reforms to be conducted more quickly," Puliti said.