Naftogaz of Ukraine will sell gas to a special purpose vehicle (the “SPV”) during the summer and will use the proceeds of such sale for liquidity. The SPV will obtain financing for the purchases from a loan facility of up to USD 500mln provided by certain financial institutions, of which up to USD 400mln will be guaranteed by the Insured, the report by OPIC reads. Naftogaz will repurchase the gas from the SPV during the winter months. The gas sold by Naftogaz to the SPV and repurchased by Naftogaz from the SPV will be stored Ukrtransgaz (“the stored gas”).
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