OREANDA-NEWS. On 15 January 2009 was announced, that in December 2008 European Bank for Reconstruction and Development and Concern Galnaftogaz signed the mandate letter on the investment project to the amount of USD 50 million as the subordinate debt and investment in the capital.

Credit facilities are destined for OKKO network, acquisitions of new filling stations and CNG stations.

"This step in the new project with our strategic partner EBRD is very important event for our Company, – says Andriy Khudo, member of the Board of Directors of Concern Galnaftogaz. – This project with the old and reliable partner EBRD is actually directed on the development of our company in 2009. We understand that the crisis has two sides, first one is the negative, everybody is talking about, but there is another side, positive one – the crisis means new possibilities for business. That is why our company is preparing to active subsequent development. Also we are holding negotiations, with another partner IFC (the World Bank Group) about entering this project. Investment in CNG stations is also one of the features of this project; this will enable our company to extend the product line of core business".

It is important to remind, that EBRD granted Concern Galnaftogaz credit to the amount of USD 25 million in 2005 and USD 100 million in 2007.