KYIV, April 2 – Naftogaz Ukrayiny and China Export and Credit Insurance Corporation (Sinosure) have concluded a memorandum of understanding regarding a $1 billion insurance quota for Naftogaz group. This will enable loans and foreign direct investments from China within the said amount.

According to a press release of Naftogaz, this insurance coverage from Sinosure does not require sovereign guarantee, which means that Naftogaz will not rely on Ukraine’s state budget while enabling the group to attract $1 billion in investment into the oil and gas industry.