Moldova, Gazprom negotiate gas debt restrucruring

A Moldovan governmental delegation led by the Deputy Premier, Minister of Economy Valeriu Lazar held in Moscow negotiations with the representatives of the Russian Gazprom Concern and Ministry of Energy, and put forward Chisinau’s proposals on restructuring the debts owed by Moldovan energy sector enterprises (first of all the Termocom hot-water/heating distribution company and the heating electric power plants #1 and #2 in Chisinau – CET-1 and CET-2) to Moldovagaz joint Moldo-Russian company and, therefore, to Gazprom.   

The Deputy Prime Minister stated to Infotag upon return home that as a result of reorganization of the centralized heating system in Chisinau city by merger of Termocom with the two CETs, Moldovagaz will become the biggest creditor of the new unified enterprise, whose debt will be some US$160 million.   

«Preparing to the reorganization, we want to know the opinion of the would-be main creditor, which is difficult to make without the Russian partners’ consent. We proposed them 2 options:  (1) they agree to remain creditors, but our debt will be restructured for 15 years, or (2) if they prefer to get money, we will start looking for another financial investor, who will provide the sought money and will thus become creditor of the new enterprise», said Valeriu Lazar.      

In his words, in the debt restructuring question, consultative and financial assistance is being rendered by the World Bank.     

As already reported by Infotag, the World Bank stands ready to furnish a US$30 million loan for modernization of the centralized heating system in Chisinau. The modernization presupposes the above-mentioned merger of Termocom and the two CETs. The WB loan will be used for raising the system’s energy efficiency, reduction of energy losses, restructuring of the new enterprise’s historic arrears, improvement of the system of social assistance to households to help them repay their heating bills, and the working out of a tariff correction policy.     

Adapted from Infotag


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