Nak Emergency Gas Tender

Project ID: 56637
Status: Repaying
Location: Ukraine
Business Sector: Natural Resources
Notice Type: State
Environmental Category: C
Approval Date: 23 Jul 2025
Disclosure date: 26 Nov 2025
Project Description
Up to EUR 500 million revolving credit facility to National Joint Stock Company "Naftogaz of Ukraine" (the "Company", or "NAK"). The proposed transaction supports Ukraine's energy security through financing of emergency gas purchases over the next two heating seasons. The loan benefits from partial EU guarantee under the Ukraine Investment Framework. The Bank's financing is complemented by up to EUR 80.6m Norway grant through the EBRD Crisis Response Special Fund.

Project Objectives
The strategic importance of the transaction is driven by the energy security objective to ensure uninterrupted gas supply in Ukraine and safeguard vital access to energy for people and communities due to challenges imposed by the war on Ukraine.

Transition Impact
ETI score: 70

The transition impact of the project will stem from the following two transition impact qualities:

Resilient: the project supports energy security of Ukraine through emergency gas purchases to compensate for disruption of natural gas production and supply due to war inflicted damages on and disruption of natural gas production and supply. The transaction also supports reform objectives of previous engagements with NAK aimed at Ukrainian gas market integration with the EU, in particular through application of competitive procurement mechanism and EFET based gas supply contracts.

Inclusive: The financing help safeguard vital access to energy for people and communities across Ukraine as a key enabler for their livelihoods and economic security under the ongoing wartime challenges. Additionally, the Bank supports broadening access to market-relevant training opportunities in line with most pressing human capital development and lifelong learning needs in Ukraine through the establishment of the new Naftogaz Group Corporate University.