OREANDA-NEWS. Naftogaz of Ukraine CEO Andriy Kobolyev and European Bank for Reconstruction and Development (EBRD) Managing Director for Energy Riccardo Puliti have met in London to discuss cooperation between the two organizations. In particular, the parties have discussed a loan dedicated for upgrading a key section of Ukraine's gas transmission system, the western part of the Urengoy-Pomary-Uzhgorod pipeline. Further cooperation, such as potential provision of trade financing for gas purchases, was discussed as well.

Mr Puliti recognized Ukraine's efforts at reforming its energy sector and how these steps should lead to attracting international investors and mitigating risks to consumers and businesses across Europe. "Ukraine's gas transmission system is attractive, there is no doubt about it. However, without the much needed reform in Ukraine this attractiveness can be lost," he noted.

Mr Kobolyev commented: "We are delighted that the project, which we have been discussing since 2009, is finally coming to fruition. Naftogaz is undertaking an ambitious reform programme and we are committed to seeing it through. In this respect we also welcome the new Ukrainian government's reform plan announced this week. We are happy that international financial institutions such as the EBRD, EIB, IMF and World Bank are demonstrating support for Ukraine in these challenging times."