CMS Cameron McKenna Nabarro Olswang has advised the European Bank for Reconstruction and Development (EBRD) on a €10 million two-year loan to ERU Trading LLC, a leading energy and gas trading company in Ukraine.
The funds will be used to support ERU Trading’s growing gas trading operations which secures low-cost gas from the European Union during the summer season which is then stored and sold in Ukraine. ERU Trading is the largest private importer of natural gas from Hungary, Poland and Slovakia into Ukraine.
Elitsa Ivanova comments: “We are delighted to advise our long-standing client EBRD on this strategic investment which will facilitate further development and competition in the Ukrainian gas trading market. With more than 600 lawyers across 17 offices in Central and Eastern Europe, CMS is well-placed to advise clients in Ukraine on both local and multi-jurisdictional matters.”
Matteo Patrone, EBRD Managing Director, Eastern Europe and the Caucasus, comments: “By supporting a privately owned gas trader, we are supporting further liberalisation of the energy market, greater competition and security of supply in Ukraine.”
The CMS team led by Elitsa Ivanova (Head of Finance at CMS Sofia) and Orest Matviychuk (Senior Associate) and included Ihor Olekhov (Head of Banking & Finance at CMS Kyiv) and Ivan Pshyk (Associate) from CMS Kyiv.