Ukrgasbank is seeking a $500 million Chinese loan to buy four Chinese turbines and the necessary engineering skills to complete a Soviet-era hydroelectric project on the Dniester River,

Ukrgasbank is seeking a $500 million Chinese loan to buy four Chinese turbines and the necessary engineering skills to complete a Soviet-era hydroelectric project on the Dniester River, near Moldova. Kirill Shevchenko, chairman of the state-controlled bank, tells Business Capital that annual interest on the loan will not exceed 4.5%. Stepan Kubiv, Economic Development, and Trade Minister, recently signed an agreement with China National Electric Engineering Co. to complete the second half of the Dnister Pumped Storage Power Station. At build-out, the hydro project, located 500 km east of Poland, will have an installed capacity of 2,268 MW.