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Ukraine’s Naftogaz Reportedly Requests $5Bln in Government Subsidies to Buy Gas Ahead of Winter

Samizdat – 20.07.2022

Ukraine’s state-run oil and gas company Naftogaz has requested 150 billion Ukrainian hryvnias ($5 billion) in subsidies from the government to purchase enough gas ahead of the heating season, the RBC Ukraine news agency reported on Wednesday, citing the firm’s letter to the government.

Naftogaz had to request budgetary help since raising such massive funds otherwise is neither possible domestically nor internationally, the company wrote in the letter to the cabinet, according to the report.

“In such conditions, the state budget is the only possible source of financing the purchase of imported natural gas… The most favorable option is to increase the authorized capital of Naftogaz of Ukraine,” the letter read, according to the report.

The company suggested increasing its authorized share capital by 150 billion Ukrainian hryvnias, the report said.

On July 12, Naftogaz asked the holders of its Eurobonds to defer interest payments for two years but was not granted such concession, thereby exposing the company to the risk of default.

Ukraine’s former housing and communal services minister, Oleksiy Kucherenko, has accused Naftogaz of forging its profit results in 2021, saying that the breach now has to be patched with 264 billion hryvnias from the budget. The ex-official also noted that Ukraine’s budget is running low, so Kiev may have to request assistance from the United States.

July 20, 2022 - Posted by | Corruption, Deception, Economics |

3 Comments »

  1. Go to pisrael and get your AID. ef you-crane.

    Liked by 1 person

    Comment by Sparrow | July 20, 2022 | Reply

  2. WHY not just ask Dodo Joe Biden for another handout? The Ukrainians have become the beggars of the world now.

    Like

    Comment by Z Loser | July 20, 2022 | Reply

  3. gee,should have thought of this before poking the bear. bleeding the west dry is the objective.

    Like

    Comment by chrisirish67 | July 21, 2022 | Reply


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