November 22, 2022
1 min read

Norway to assist Ukraine with gas procurement

In Ukraine, the state-owned company Naftogaz will be the formal recipient…reports Asian Lite News

Under an agreement signed, Norway will provide 2 billion Norwegian kroner ($195.4 million) to fund Ukraine to purchase natural gas this winter, the Norwegian government said in a press release.

Norway’s Finance Minister Trygve Slagsvold Vedum and Juergen Rigterink, first vice president of the European Bank for Reconstruction and Development (EBRD), signed the agreement on Monday to channel the funds through the bank and then to Ukraine.

According to the press release, the funds are expected to be used to make direct payments to European gas suppliers that have received prior approval and will invoice for the volume of gas delivered.

In Ukraine, the state-owned company Naftogaz will be the formal recipient.

“Ukraine has specifically asked Norway for support for the procurement of natural gas this winter. The timing is critical, and we are very pleased that the EBRD is to be our partner in carrying out gas purchases,” Vedum was quoted in the press release as saying.

Norway’s Prime Minister Jonas Gahr Store said in July that his government would allocate 10 billion Norwegian kroner (NOK) to Ukraine in 2022 and 2023. Of this sum, two billion NOK have been earmarked for gas procurement.

ALSO READ-‘Norway’s skills, India’s scope provide natural complementarities’

Previous Story

Biden pardons Thanksgiving turkeys

Next Story

‘UK must wean itself off migrant labour’

Latest from -Top News

Harvard sues Trump over foreign students ban

Harvard University has filed a federal lawsuit against the Trump administration after being barred from enrolling international students, marking its second legal challenge in a month against what it describes as politically

Pakistan may face stricter IMF terms

The International Monetary Fund (IMF) will undertake its next funding review for Pakistan in the second half of 2025, with 11 new conditions now attached to the continuation of its Extended Fund

Indian diaspora in Japan backs Operation Sindoor

Members of the Indian diaspora in Japan have strongly endorsed Operation Sindoor, India’s targeted military response to the April 22 terror attack in Pahalgam, Kashmir, praising Prime Minister Narendra Modi’s leadership and

WHO adopts Global Pandemic Agreement

The agreement seeks to boost international coordination and ensure equitable access to life-saving tools during future pandemics, while reaffirming respect for national sovereignty in public health decisions In a move aimed at
Go toTop

Don't Miss

UK and Ukraine deepen community ties  

 Thousands of school children across the UK and Ukraine have

UAE, Ukraine announce intent for CEPA talks

The announcement of CEPA negotiations follows the more than US$3