Energy Headlines

The Naftohaz Ukrainy national joint-stock company believes that the resolution, the Cabinet of Ministers passed to increase the company’s statutory fund by UAH 18.6 bn, will considerably facilitate talks on borrowing more funds to ensure timely payment for imported gas, company press service has informed Ukrainian News.

Naftohaz welcomed this decision though stressed it did not completely resolve the problem of the current financial deficit, as it did not foresee real augmentation of free circulating assets and only allowed settle portion of the problems stacked in the past.

In particular, forecast 2009 consolidated return of the company makes some UAH 100 bn, while carrying value of the reserves not less than UAH 50 bn, while the statutory capital after the increment will make UAH 24.2 bn.

«Significant excess of the working capital over equity does not allow settle in full the problem of financing the process of pumping natural gas into underground repositories and demands drawing supplementary loans,» the statement said.

Today timely and full payment for imported natural gas is a priority task, it is crucial to fulfill it from the point of view of Ukraine’s energy preparedness and stable transit of gas to the European Union, Naftohaz Ukrainy marked.

At the same time, the failure to meet the terms of settling accounts with the Gazprom would result in switching to advance payment for natural gas which is too burdening for Ukrainian economy.

The Cabinet has decided to increase the statutory fund of the Naftohaz Ukrainy national joint-stock company by UAH 18.6 bn to UAH 24,164,714,000.