Companies@UA: База компаний Украины

Kyiv, July 27 (Interfax-Ukraine) – Ukraine's government has instructed the Finance Ministry and NJSC Naftogaz Ukrainy to take measures to restructure the company's debts on foreign loans and reduce loan servicing costs through refinancing.

The instructions were set out in government resolution No. 764 dated July 22, 2009, which was added to the plan of measures for 2009 aimed at stabilizing Naftogaz's financial situation.

The cabinet also instructed the Finance Ministry and the State Tax Administration of Ukraine to agree on the provision by Naftogaz of guarantees on loan agreements concluded by the company's subsidiaries, to a sum limited to UAH 170 million.

Moreover, the government ordered that the dividends received from CJSC UkrGaz-Energo and OJSC Ukrnafta 2006 through 2008 be used to settle Naftogaz's accounts payable.

The resolution also updates the figures set in the financial plans of Naftogaz and its subsidiaries Ukrgazvydobuvannia and Ukrtransgaz that concern spending on natural gas pumping to underground storage facilities, capital investment, and the implementation of investment projects abroad in 2009.

Naftogaz unties Ukraine's largest oil and gas producers. It holds a monopoly in gas transit shipment, gas storage in underground facilities, and the transportation of oil by pipelines across Ukraine.