Financial plan of Naftogaz to be revised

The financial plan of the national joint-stock company Naftogaz Ukrainy will be revised, Ukrainian Fuel and Energy Minister Yuriy Boyko said, Cabinet's press office reported. According to him, the company's position was significantly impaired by the credit of 15 bln. USD.

The company's financial performances, as he believes, could be improved at the expense of oil and gas transit. In his opinion, over the past year volumes of oil transit reduced by 12 percent and we should return to the previous level, he remarked.

Last week the international rating agency Moody's stated revision of all ratings of the Naftogaz Ukrainy company toward decreasing. The ratings of the Ukrainian monopolist of gas and oil transportation and fuel extraction fell down after a statement by First Vice Prime Minister, Finances Minister Mykola Azarov, who aired the Cabinet's intention to examine reasons of the company's potential bankruptcy. The exanimation will touch credit attraction and fuel sale schemes.

Earlier, former chief of the Naftogaz company Oleksiy Ivchenko, who was elected to the parliament, said the previous government of Ukraine is guilty of the company's bankruptcy, as it resolved to sell gas to the population 2.5 times cheaper price of its real cost. Moreover, if in 2005 the company re-exported some three billion cubic meters of gas to Europe, the year of 2006 witnessed no export supplies at all.