The Finance Ministry announced plans to launch talks with creditors of NJSC Naftogaz of Ukraine to restructure the company's debts, acting Finance Minister Ihor Umansky told reporters, ForUm informs, referring to UkrInform.

He noted that the budget law envisages review of conditions with Naftogaz creditors that had effect as of January 1, 2009.

On July 22, the Cabinet of Ministers of Ukraine ordered the Finance Ministry to take measures during a year to restructure the indebtedness of NJSC Naftogaz of Ukraine on foreign loans, and reduce the cost of servicing the loans the company obtained through refinancing

The Energy Ministry and Naftogaz were ordered to channel the dividends received from CJSC UkrGaz-Energo and OJSC UkrNafta in 2006-2008 for repayment of Naftogaz' accounts payable.

UkrGaz-Energo and UkrNafta stated they did not intend to pay dividends to Naftogaz.

According to the Accounting Chamber of Ukraine, Naftogaz credit indebtedness was more than UAH 35 billion as of May 2009 (USD 1 - UAH 7.69).


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