“Galnaftogaz Concern” fully repaid the credit, granted by EBRD in 2001 for the development of filling stations network

In October 2001 “Resurs-2” Ltd, Daughter Enterprise of “Galnaftogaz Concern”, received a credit from the European Bank for Reconstruction and Development to the amount of USD 1,214,184.70 for the development of “OKKO” filling stations network. The 5-year credit with monthly payments and deferment of first payment for one year was provided through JSCB “Nadra” according to the SME line.
“In total, Concern Daughter Enterprises – says Nazar Kupybida, Financial Director of “Galnaftogaz Concern” OJSC – received from EBRD according to the SME line four credits for the total amount of USD 4.9 million. The first credit we have already repaid in full. Next three credits we are repaying according to the repayment plan. We took EBRD credits of SME line for the development of “OKKO” filling stations network in Kyiv, Transcarpathian, and Ternopil regions. And in October 2005 we already received another EBRD credit for the amount of USD 25 million as a big enterprise for the development of “OKKO” filling stations network in the whole Ukraine.”
“Repayment of credits, both investment and working capital credits – says Andriy Khudo, investment director of “Universal Investment Group”, financial consultant of “Galnaftogaz Concern”, – is very positive moment, as it testifies to the company’s discipline and strict adherence to the agreements with creditors. For the credit history of “Galnaftogaz Concern” the pay-off of the first public emission of national bonds for the amount of 30 million UAH in 2006 is very important. We should mark good liquidity and stability of the company, as apart from this repayment Galnaftogaz redeemed on the offer UAH 60 million of bonds of the second emission from non-residential holders, which were sold out at once on the internal market”.