GTST Trident

pending

The proposed project consists of a trade finance facility of up to US$200 million (Facility), for up to one year to cover importation of natural gas to Ukraine during the 2015-2016 winter season. Gas will be purchased by the state-owned National Joint Stock Company Naftogaz of Ukraine (Naftogaz or NAK). Gas will be supplied by ENGIE (previously named Gaz de France (GDF) SUEZ) a major European supplier of natural gas, from existing gas distribution infrastructure in Germany and Austria through the Slovakian gas transmission company Eustream, under ENGIE’s natural gas supply framework contract with NaftogazNaftogaz (NAK), the recipient of the gas, is a state owned company founded in 1998 and is one of Ukraine’s largest companies. It is a vertically integrated oil and gas company engaged in the full cycle of gas and oil field exploration and development, production and exploratory drilling, gas and oil product processing, transport and storage, and supply of natural gas and LPG to consumers, through its different enterprises. Naftogaz’s gas transmission subsidiary is Ukrtransgaz (UTG). UTG’s main activities are: natural gas transmission via trunk gas pipelines; storage of natural gas in underground storage facilities; supplying natural gas to consumers; operation, reconstruction and servicing of gas mains and associated facilities; capital construction of gas pipelines and other facilities; production of compressed natural gas and filling vehicles with it at gas-filling compressor stations.The proposed IFC project complements a $300 million agreement signed in October 2015 between the European Bank for Reconstruction and Development (EBRD) and Naftogaz. For this proposed transaction IFC has aligned with the approach to environmental and social (E&S) management agreed between EBRD and Naftogaz even though the due dates of some actions extend beyond the maturity of the proposed IFC loan. IFC and Naftogaz have agreed interim measures towards delivery of the agreed E&S commitments and IFC will monitor Naftogaz’s progress on these measures during the life of the proposed IFC loan.