Canadian loan to be handed out to gas oligarchs

$350 million Canadian loan could be given out to support gas oligarchs

December 6, the Cabinet adopted Resolution No. 1360 on the distribution of funds from the state budget for the purchase of natural gas. But this will not help Ukraine increase physical gas reserves, but only support private producers. This was reported by the telegram channel “Monopolist”, write Our money.

The government adopted a resolution on the initiative of the Ministry of Energy of German Galushchenko. The source of funds is a loan from the government of Canada in the amount of about $350 million (UAH 12.7 billion).

The essence of the decision is that the state company Naftogaz Trading will use this money to purchase gas to pass through the current heating season. Depending on the prices, which are affected by the weather, this amount of funds will be enough for 200-400 million cubic meters of gas. The decision provides for the purchase of gas both abroad in agreement with the Ministry of Energy, and from domestic producers.

Since June, the export of gas from Ukraine has been prohibited (Decree No. 666). Consequently, local miners can only sell it within the country, where production has been significantly reduced and, accordingly, the demand for fuel has fallen.

The desire to help them is understandable – if companies do not have working capital, no one will invest in production. However, the idea of buying gas within the country is very doubtful. This does not add physical volumes in underground gas storages (UGS) in any way. This step is exclusively support for private producers, Monopolist points out.

The government decree lacks volumes, prices and gas purchase procedures.

“This gives rise to great corruption risks: for example, kickbacks to Naftogaz officials for buying gas from private traders at high prices,” the publication notes.

Recall that under Yury Vitrenko, Naftogaz conducted trading on stock exchanges associated with Igor Kolomoisky. In particular, the UICE of Alexander Ginzburg.

It is not known what procedure Naftogaz will buy gas under the leadership of Alexei Chernyshev. In Ukraine, there are sites with great trust – for example, “Prozorro. Sales.