Naftogaz need a billion dollars for gas reserves

Naftogaz has insufficient funds to purchase gas for the next heating season according to the plan.

For injection into the storage needed for the heating season gas volume it is necessary to find a billion dollars. This was announced by the head of Naftogaz Andrey Kobelev.

“We at least need to find $1 billion of credit funds without that $1 billion we will not be able to fully implement the plan of injection,” said he.

According to the head of the company, to solve the problem with shortage of Finance from the NAC under the import and injecting gas, in addition to the obtaining of credit funds, the government, which should Naftogaz of about 140 billion UAH as a compensation for imposing special obligations for the supply of gas to the population.

Korolev reminded that applicable law imposes duties to the Cabinet the establishment of a mechanism and source of payment of the company special obligations. “And if at least part of this debt to Naftogaz was closed – it would solve the issue of pumping” — he said.

The head of the holding said again that the primary attraction of funds on foreign markets is the issue of Eurobonds.

“This will require the drawing up with the government some clear to investors plan how Naftogaz will be removed these speculatively in the future, how we will spend unbundling how this will impact on the financial position of the company,” concluded Korolev.

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