Naftogaz seeks loans to buy gas in Q3 2016 at lowest prices

National joint-stock company Naftogaz Ukrainy is accumulating funds at state-run banks to buy imported natural gas at the lowest prices in Q3 2016, Naftogaz Head Andriy Kobolev has said.

"The funds are being accumulated. We expect that the lowest price for imported gas will be in the third quarter. All funds of the company are in accounts at state-run banks – Ukreximbank, Oschadbank and Ukrgasbank," he said at a Cabinet meeting on Wednesday.

Earlier Kobolev said that the holding is seeking loans amounting to around $500 million in order to pump natural gas into underground storage facilities from spring through autumn this year.

The loans will be provided by international financial institutions (IFIs) and commercial banks, he said.