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Platts: Ukraine, China sign $3.7 bil loan deal to move power plants from gas to coal

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July 16, 2012, 1:47 p.m. |

Ukraine's energy and coal industry ministry on Friday signed an agreement with China Development Bank to help the country switch its power plants over to coal from gas.
© AFP

Ukraine's energy and coal industry ministry on Friday signed an agreement with China Development Bank securing a $3.656 billion credit line to help the country switch its power plants over to coal from gas, the ministry said.

As part of the agreement China will offer its technological expertise for the work to be carried out, the ministry said in a statement Friday.

"We are grateful to [our Chinese] colleagues, who...identified the most efficient [upgrade] projects to be implemented using Chinese technologies," Ukrainian energy minister Yuriy Boyko Boyko said in the statement. As part of the program to fuel its power plants with coal, Ukraine will also build gasification facilities in Ukraine, it said. 

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