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Norway to finance Ukrainian gas purchases, Naftogaz says
Published by Global Banking & Finance Review®
Posted on February 25, 2025
2 min readLast updated: January 25, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on February 25, 2025
2 min readLast updated: January 25, 2026
Norway is providing €380M to support Ukraine's gas purchases amid energy challenges due to the conflict with Russia.
(Reuters) - Norway is to provide financing for Ukrainian purchases of its natural gas, Ukraine's Naftogaz company said on Tuesday, against the background of a rise in Ukrainian imports as the war with Russia batters the country's energy system.
The assistance is part of a 380 million euro ($400 million) aid package, financed through the European Bank for Reconstruction and Development, intended to bolster Ukraine's energy security .
"This assistance is critically important for the stability of Ukraine’s energy system," Roman Chumak, CEO of the state-owned Naftogaz Group said in a statement.
"I am grateful to Norway and the EBRD for their continued support and commitment to helping our country."
Ukrainian President Volodymyr Zelenskiy noted the gas procurement grant in his nightly video address, saying it was part of a broader assistance programme valued at $3.5 billion.
Norwegian Prime Minister Jonas Gahr Store, quoted in the Naftogaz statement, said Ukraine needed energy support in addition to military aid. That support, including funding for gas purchases, he said, "is therefore an important component of Norway's assistance”.
A senior industry source told Reuters last week that Ukraine planned to import up to 800 million cubic metres (mcm) of gas from Europe in February and March to compensate for a sometimes 40% drop in production after Russian missile strikes on the sector.
Russia has focused past missile and drone attacks on Ukraine's electricity sector since its February 2022 full-scale invasion, but has stepped up attacks on gas fields in recent weeks.
Naftogaz and major private energy company DTEK have said Russia has attacked and damaged their facilities at least twice so far in February.
(Reporting by Ron Popeski; Editing by Stephen Coates)
Norway is providing financing for Ukrainian purchases of natural gas as part of a 380 million euro aid package.
Roman Chumak, CEO of Naftogaz, stated that the assistance is critically important for the stability of Ukraine’s energy system.
President Zelenskiy noted the gas procurement grant as part of a broader assistance program valued at $3.5 billion.
Ukraine plans to import up to 800 million cubic metres of gas from Europe during February and March.
Russia has stepped up attacks on gas fields and has targeted Ukraine's electricity sector since its full-scale invasion in February 2022.
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