Pivdenny Bank carries out the first operations secured against gas in underground gas storage facilities
Pivdenny Joint-Stock Bank has developed a new credit product for gas market companies – “Active operations secured against gas in underground gas storage facilities (UGS)”.
Under the new programme, clients will be able to draw up documentary instruments (guarantees, letters of credit) and obtain financing to replenish working capital (credit lines, overdraft), providing as collateral own gas stored in underground storage facilities of Ukrtransgaz JSC.
“This product will be relevant for traders, mining and other companies that use a lot of gas (for example, for drying grain). Such cooperation with gas market participants will make a significant contribution to the development of the energy sector of the Ukrainian economy. Ease of collateral and favourable lending conditions are key factors that will allow borrowing companies to quickly obtain the necessary resources to purchase gas for the new season,” said Oleksandr Matyushenko, Director of Corporate Business at Pivdenny Joint-Stock Bank.