Financed ProjectsChornomornaftogaz II

Identification Code:

OP/07/0641

Total Operation Cost:

0

Maturity:

84 months

Operation Status:

Description and Purpose of the Operation:

Financing of core activities of NJSC Chornomornaftogaz in developing the existing oil and gas reserves and increasing the production and supply of oil and gas mainly in Ukraine

Countries of Operation:

Ukraine (100,00 %)

Financial Product:

Loans

Sector:

Energy

Domain:

Private

Borrower/Client:

NJSC Chornomornaftogaz was established in 1998 as a public company wholly owned by Naftogaz of Ukraine. It’s a vertically integrated exploration and production oil and gas company with activities in exploration, production, storage, transportation and sales of hydrocarbons in Black Sea and Azov Sea area.

Co-Financiers/Participants:

Guarantors/Sponsors:

Developmental and Regional Cooperation Impact:

The BSTDB financing will result in the increase of production of the country's limited energy resources to become less dependent on energy imports. It has the opportunity to create new employment and generate taxes.

Environmental Classification and Impact (summary):

Chornomornaftogaz has a good Environment, Health and Safety (EH&S) performance and is in compliance with national requirements. The exploration of off-shore oils and gas fields are subject to Environmental Impact Assessment (EIA), which is carried out according to Ukrainian standards. For operations financed by BSTDB the EIA was carried out in line with its EIA protocol, which is in line with international EIA requirements. An Environmental Action Plan was drafted and negotiated with the Borrower and is under implementation.

Operation Leader:

Energy & Infrastructure

E-mail:

ei@bstdb.org