KYIV, Aug 30 – State-owned UGB Bank (Ukrgasbank) and PJSC Ukrnafta have signed a loan agreement, according to which the company will receive UAH 4 billion to implement an investment program to increase oil and gas production by drilling new wells and building modern gas piston units, as well as to implement cogeneration projects, the state bank’s website reported on Friday.

“It is planned to use the funds raised to finance drilling and production intensification programs, the construction of modern gas piston stations,” the press release quotes Ukrnafta Director Serhiy Koretsky as saying.