Regarding stabilization of financial condition of NJSC «Naftogaz of Ukraine»

NJSC «Naftogaz of Ukraine» welcomes the decision of the Cabinet of Ministers of Ukraine concerning the increase of the company’s authorized fund by 18,6 billion hryvnias.

At the same time, the Company notes that this decision does not resolve completely the problem of current financial deficit, since it does not provide for real increase of free circulating assets, but allows only partially resolving problems accrued for past periods. In particular, consolidated income of NJSC «Naftogaz of Ukraine» in 2009 is forecasted at the level of 100 billion hryvnias, and the book value of the reserves will be not less than 50 billion hryvnias, while the amount of the authorized fund after its increase will be 24,2 billion hryvnias. Considerable excess of the amount of circulating capital over owned capital does not allow resolving in full the problem of financing of the process of gas pumping to underground gas storages and requires attraction of additional credit funds.

At the same time, the Company considers that adoption by the Cabinet of Ministers of this decision significantly increases the probability of successful negotiations regarding attraction of additional funds for securing of timely payments for imported natural gas.

The Company notes that fulfillment of timely and full payments to the suppliers of imported natural gas is now top-priority task, the fulfillment of which is critical from the point of view of guaranteeing of energy security of Ukraine and stability of gas transit to the countries of the European Union. At the same time, violation of the terms of fulfillment of payments to OJSC«Gazprom» will result in switch to advance form of payments for natural gas, which will be extremely burdensome for the national economy of Ukraine.

Press-centre NJSC «Naftogaz of Ukraine»

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