The Parliament of Moldova adopted in the first reading the draft ratification of the agreement with the EBRD on a loan of 300 million euros for the purchase of gas.
The document was signed on June 23 and provides for the allocation of 300 million euros to Moldova in two tranches for the implementation of the project "Security of Natural Gas Supplies". At the same time, the first tranche will amount to 100 million euros, and the second tranche - 200 million euros. The money will be used to create strategic reserves of natural gas and diversify sources of its supply. The ratification of the loan agreement with the EBRD will reduce the risks of possible restrictions or interruptions in natural gas supplies to Moldova in the context of the political situation and the evolution of energy markets in the region. Herewith, it is stipulated that the second, “emergency” tranche will not be allocated by the EBRD at the stage of signing and ratifying the loan agreement, but will be provided only upon request, in case of emergencies. In general, the EBRD loan will be provided at a floating interest rate EURIBOR for 6 months with a minimum zero interest rate + a margin of 1% per annum. A single commission will be 1% of the maximum loan amount. Commitment fee: 0.5% per annum of the total outstanding loan amount from the first tranche. In the case of a loan disbursed under the second tranche, a commitment fee of 0.5% per annum will also be charged, but only upon receipt of written confirmation from the EBRD of the second tranche. The borrower must repay the first tranche by July 1, 2025. The second tranche, for emergencies, will be reimbursed from the period from which the EBRD confirms the disbursement of the relevant tranche, and until October 1, 2025. In general, the EBRD Natural Gas Supply Security Project expected to be implemented by 2025. Under this project, the implementing unit must purchase and store natural gas in underground storage facilities in neighboring countries during the warmer period of the year, when the price of natural gas is lower. Natural gas will be purchased on the basis of tenders organized in the manner prescribed by the EBRD. The implementation of the project will create strategic reserves of natural gas and support the diversification of suppliers and sources of supply in accordance with the provisions of the Natural Gas Law. As InfoMarket agency reported earlier, the European Bank for Reconstruction and Development announced earlier about the preliminary qualification selection of companies to participate in the auction for the sale of natural gas to Moldova for EBRD credit resources. Prime Minister Natalia Gavrilita reminded earlier that in October last year, Moldova did not have enough gas from Gazprom, and therefore the authorities decided to create state gas reserves for the future, so that the state would have gas reserves for at least 2 months to supply it to consumers in winter, which was stipulated by amendments to the Natural Gas Law. According to her, the purpose of the amendments is to create strategic gas reserves in case of force majeure in order to ensure the country's energy security. “We see a lot of price and supply volatility. We are preparing for various possible scenarios, and it is important for us that we have different plans and means to act if necessary,” the prime minister said.// 07.07.2022 — InfoMarket
