Ukraine’s Naftogaz Seeks US Funds to Renovate Destroyed Plants

Sergii Koretskyi Photo by Andrew Kravchenko /Photographer: Andrew Kravchenko/Article content(Bloomberg) — Ukraine’s state-run oil and gas company Naftogaz Group is seeking funds to restore and renovate its facilities after the destruction caused by constant Russian attacks, said its top executive.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentAt least €3 billion ($3.5 billion) of damage has been done to the country’s facilities, with equipment needs exceeding €900 million, according to the company. Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentNaftogaz is particularly interested in Ukraine’s ongoing talks with partners such as the US Exim Bank and the US International Development Finance Corp., Chief Executive Officer Sergii Koretskyi told Bloomberg News in an interview at his office in Kyiv. He also stressed the importance of European assistance.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentSome $250 million in unspent Ukraine assistance funds remain with the US State Department, he said — part of which could be used to purchase US-made gas compressor units to allow Kyiv to repair production facilities. Their use would also be a boon to American companies, he added. Article content“Now we need funding for imports, investments and technologies. This is definitely a win-win situation for all parties — we’re not saying ‘help us’ but offering mutually beneficial cooperation,” said Koretskyi.Article contentNaftogaz, which provides gas to 12.5 million households, is a key element of Ukraine’s energy sector. Its infrastructure, as well as that of other power companies, has come under intense Russian bombardment in recent weeks, depriving many civilians of heating amid freezing temperatures.Article contentArticle contentSince the start of this year, Naftogaz infrastructure has already faced 20 strikes, damaging oil and gas production and transportation systems, Koretskyi said. Article contentHe said that last year was the most destructive for Ukraine’s energy sector since Russian President Vladimir Putin began his full-scale invasion nearly four years ago, with hundreds of missiles and drones hitting facilities. Last February and October were the hardest months for Naftogaz specifically, the CEO added.Article contentThe company’s biggest challenge is the unpredictable consequences of those attacks, which will “definitely continue” and already has the company preparing for the next cold season, he said. Recent experience, Koretskyi said, has taught Ukrainians to prepare for even worse scenarios.Article contentNaftogaz has organized urgent gas imports in a bid to avoid a fuel deficit. Its gas purchases in 2025 reached 5.7 billion cubic meters, worth more than €2 billion. That trend is set to continue this year, due to rising consumption in the cold months, according to the CEO.Article contentKoretskyi stressed the company’s interest in long-term investments amid its multi-year drive to replace destroyed energy units, pointing to the increased efficiency of new equipment.Article contentTrending Telus picks former CIBC CEO Victor Dodig to replace Entwistle at helm Telecom Russia memo sees return to U.S. dollar system in pitch made for Trump Economy David Rosenberg: Memo to Mark Carney: Don’t bring a butter knife to an economic gun fight Economy Posthaste: Why Canada's job market is in a lot worse shape than you think News Telus Picks Former Bank Chief Dodig to Replace Longtime CEO PMN Business Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Telus picks former CIBC CEO Victor Dodig to replace Entwistle at helm Telecom Russia memo sees return to U.S. dollar system in pitch made for Trump Economy David Rosenberg: Memo to Mark Carney: Don’t bring a butter knife to an economic gun fight Economy Posthaste: Why Canada's job market is in a lot worse shape than you think News Telus Picks Former Bank Chief Dodig to Replace Longtime CEO PMN Business