President of Ukraine Viktor Yushchenko signed a decree “Issues on activity of National “Naftogaz Ukraine” Jsc.

According to the decree, the President charged Cabinet of Ukraine to take urgent measures to prevent and neutralize threats concerning national security in fuel-energy complex. The President ordered by his decree to form commission in order to check activity of National “Naftogaz Ukraine” Jsc. and on results of the check to take proper measures to regulate activity of this company.

The corresponding decree is publicized on official site of the President.

As a reminder, on December 13, 2007 representatives of companies who manage assets of creditors of “Naftogaz” stated on possible default of “Naftogaz Ukraine”.

On December 26, Tymoshenko stated that government stopped possibility of bankruptcy of “Naftogaz”. However on January 2, 2008 Yulia Tymoshenko noted that “Naftogaz” is close to bankruptcy. According to her, the company does not have approved balance of gas for 2008 and has huge credit-debit debts. The government is ready to carry out reorganization of the company by means of budget assignations and provide system of necessary benefits.

“Naftogaz” Jsc. has UAH 5 milliard of loss in 2007. In 2006 loss of the company comprised UAH 2.5 milliard.

The state budget 2008 foresees state guarantees on liabilities of “Naftogaz Ukraine” Jsc. in amount of UAH 12 milliard.

Today the Cabinet is going to form commission on examination of financial-economic activity of this company.

“Naftogaz Ukraine” is the biggest state oil and gas company of Ukraine, enterprises of which produce more than 97% of gas and oil in Ukraine.


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