Vasile Costiuc
Costiuc publicly referred to the existence of an EBRD credit line of over 400 million euros and asked whether the funds earmarked for gas and electricity purchases had been used, directly or indirectly, to acquire VMS.
“We note with deep concern the reports in the public domain regarding a possible financial engineering scheme carried out through the state-owned company S.A. Energocom. Given that the company benefits from a credit line of over 400 million euros granted by the European Bank for Reconstruction and Development (EBRD) – fully guaranteed by taxpayers’ money – we are putting a direct and legitimate question to the leadership of the Ministry of Energy, the Ministry of Finance and S.A. Energocom: “Is it true that funds intended exclusively for energy security have been redirected, directly or indirectly, towards the purchase of Government Securities (VMS)?” said Vasile Costiuc.
Energocom, however, dismisses as false the claim that GBS were purchased using funds borrowed from the EBRD. The company states that the loan of up to 400 million euros has a strictly defined purpose – to finance the purchases of natural gas and electricity necessary for the Republic of Moldova’s energy security.
“The EBRD loan, amounting to up to 400 million euros, has a strictly defined purpose: to finance the procurement of natural gas and electricity necessary to ensure the energy security of the Republic of Moldova. The EBRD’s public documentation stipulates that procurements financed under the project are carried out in accordance with the Bank’s procurement rules, and that gas contracts are awarded to pre-qualified suppliers on the basis of procedures agreed with the EBRD,” states Energocom.
The company emphasises that the sum of 400 million euros is not transferred in full to its accounts and that disbursements are made on the basis of eligible contracts and supporting documents.
“We would like to clarify that the sum of 400 million euros is not transferred directly into the accounts of S.A. ‘Energocom’. Disbursements from this loan are made on the basis of eligible contracts resulting from procurement procedures and supporting documents. The mechanism applied in EBRD projects for the procurement of gas provides for clear control over the destination of the funds and payment to eligible suppliers, so that these funds cannot be redirected towards financial investments such as government securities”, the company’s statement reads.
Energocom also confirms that it purchased government securities between June and September 2026, but maintains that the transactions were carried out exclusively using its own financial resources.
The company also cites the timeline of disbursements to argue that EBRD funds were not used for investments in government securities.
“The first drawdown of the loan for the 2025–2026 gas year was repaid in full in April 2026, leaving a zero balance. The first disbursement for the 2026–2027 gas year did not take place until the end of September 2026, whilst the investments in VMS were made between June and September 2026 using the company’s own cash reserves,” states the Energocom press release.
The company therefore asserts that there was no diversion of EBRD funds towards financing the national debt.
The EBRD facility forms part of the ‘Strengthening the Energy Security of the Republic of Moldova’ project and is intended for strategic purchases of natural gas and electricity. According to Energocom, information regarding the purpose, structure and general conditions of the project is publicly available in the documents of the EBRD and the Moldovan authorities.
This story was translated with the assistance of artificial intelligence.The translation was also reviewed by the Logos Press editorial team.
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