EBRD provides financing package to Naftogaz for gas reserves

Deal Analysis

The European Bank for Reconstruction and Development (EBRD) has announced a €770 million financing package for Naftogaz, the national oil and gas company of Ukraine. A significant portion of this package, €500 million, is earmarked as a loan to support the replenishment of Ukraine's gas reserves in anticipation of the winter season. The European Union is also involved as a grant provider. This financing aims to bolster Ukraine's energy security amidst ongoing geopolitical uncertainties. This deal is notable for its size and the involvement of key players like the EBRD and Naftogaz. The €770 million financing package represents a substantial investment in Ukraine's energy infrastructure. The deal underscores the EBRD's commitment to supporting energy security in the region and highlights the importance of international financial institutions in stabilizing critical sectors during times of crisis. The involvement of the European Union as a grant provider further emphasizes the collaborative effort to support Ukraine's energy needs.

€770 million financing package from EBRD to Naftogaz.
€500 million loan specifically for replenishing gas reserves.
Involvement of the European Union as a grant provider.
Highlights EBRD's commitment to supporting energy security in Ukraine.

Market Context: The deal occurs within the context of the Ukrainian utilities sector, specifically the oil and gas sub-sector. Ukraine's energy security is a critical concern, particularly given its geopolitical situation and reliance on gas imports. This financing aims to mitigate potential supply disruptions and ensure a stable energy supply for the country.

Source Intelligence

KEY DETAILS

The EBRD invested a record €16.8 billion across its regions in 2025. "The Bank’s deployment of financing this year reached €2.9 billion, with funds channelled to critical infrastructure, energy security and the private sector."

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Deal Size

Among the highlights of the Bank’s support for Ukraine last year was a €770 million financing package to Naftogaz, which included a €500 million loa n to help replenish gas reserves ahead of the winter

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Location

Among the highlights of the Bank’s support for Ukraine last year was a €770 million financing package to Naftogaz, which included a €500 million loa n to help replenish gas reserves ahead of the winter

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Financials

Among the highlights of the Bank’s support for Ukraine last year was a €770 million financing package to Naftogaz, which included a €500 million loa n to help replenish gas reserves ahead of the winter

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Announcement

15 Jan 2026

PARTIES MENTIONED IN SOURCE

E

EBRD lender

"The European Bank for Reconstruction and Development (EBRD) invested a record €16.8 billion across its regions in 2025"

N

Naftogaz buyer

"Among the highlights of the Bank’s support for Ukraine last year was a €770 million financing package to Naftogaz, which included a €500 million loa n to help replenish gas reserves ahead of the winter"

U

Ukreximbank N/A

"portfolio risk-sharing facilities for Ukreximbank to unlock €200 million in new lending to Ukrainian borrowers"

high quality Enriched Feb 19, 2026