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ERU Group has increased its political risk insurance
coverage to USD 100 million
ERU, Kyiv, Ukriane,
Sep 21, Mon, 2020
Energy Resources of Ukraine Group (ERU Group) has extended its 20-year political risk insurance (PRI) contract with the U.S. International Development Finance Corporation (DFC), expanding the coverage from USD 38 million to USD 100 million.
"We greatly appreciate the trust of our partner, the U.S. International Development Finance Corporation (DFC), and take pride that achievements of our Group facilitate the growth of confidence in the investment potential of Ukraine as an Eastern European energy hub. We understand that the ERU Group is the only Ukrainian oil and gas company with such political risk insurance, and the new contract for USD 100 million enables us to implement our ambitious natural gas purchase, transportation and production projects in Ukraine, USA and Europe with confidence", says Dale Perry, Managing Partner of the ERU Group.
This contract will have a significant impact on the development of Ukraine, it will enhance the energy security through the purchase and storage of approximately 10% of the total annual gas demand in Ukraine, which is ensured by the DFC through the ERU Group. Cooperation with leading, global financial institutions proves the prominent potential of Ukraine's energy market and opportunities to use new financial instruments to attract investments.
The DFC insurance covers the relations of the ERU Group with Ukrainian partners and ensures protection during the natural gas transportation, storage and, in some cases, sales when interacting with Ukrtransgaz PJSC, and NJSC Naftogaz of Ukraine, and Gas Transmission System Operator of Ukraine LLC. The amount of the insurance confirms trust to the newly formed Gas Transmission System Operator of Ukraine and professionalism of its team.
It should be mentioned that in 2017 ERU Group and its subsidiary, the Ukrainian company ERU TRADING first secured the rights under a 20-year political risk insurance policy with coverage up to USD 38 million from the Overseas Private Investment Corporation (OPIC), which is now known as the U.S. International Development Finance Corporation (DFC).
Energy Resources of Ukraine ("ERU") is a group of companies with foreign investments, which specializes in the implementation of projects in the Ukrainian energy sector, combines expertise formed for over 35 years of international projects implementation with deep understanding of the local market. ERU Management Services LLC is an American parent company, which is a part of the Group and carries out trading transactions and since July 2020 is the only company to supply gas to Romania from Ukraine.
The Group also includes ERU TRADING, which in July 2019 became the first Ukrainian company to have imported electricity from the European countries to Ukraine. ERU TRADING LLC continues to be the only company to have contracted American liquefied natural gas deliveries to Ukraine. www.eru.com.ua