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 Economics
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 Cabinet of Ministers Took Out Another Chinese Loan for Three and a Half Billion Dollars

25 December 2012 the Cabinet of Ministers in the presence of Deputy Prime Minister Yurii Boiko held a signing of the loan agreement between Naftogaz of Ukraine and State Bank of Development of CPR on the financing of the program realization for substitution of natural gas by Ukrainian coal in the amount of 3.656 billion U.S. dollars under the guarantee of the Government of Ukraine.

The press service of the Cabinet of Ministers reports that the program provides for the implementation of investment projects in four different periods of implementation and completion.

The implementation of this program will allow Ukraine to not only significantly reduce dependence on imports and increase the energy security of the state, but also significantly increase the gross domestic production and consumption as a result of the introduction of modern technology and construction of appropriate infrastructure.

As a result of the use of objects of power technology for coal-water fuel and construction of coal gasification plants the planned volume of natural gas substitution by domestic coal is about 4 billion cubic meters annually; creation of new jobs directly on objects of investment up to 2020 people; an annual saving of foreign currency on the average up to 1.5 billion dollars; provision of a stable market for domestic coal mines up to 10 million tons annually.
 
 
 
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