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13:45
MOVEMENT OF GAS DISTRIBUTION PIPELINES TO NAFTOGAZ'S MANAGEMENT TO ALLOW STATE HOLDING TO CENTRALIZE FINANCIAL FLOWS IN HOLDING'S FAVOR, SAY

Kyiv, July 31 (Interfax-Ukraine) – A cabinet resolution on the transfer of the state gas distribution pipelines of 42 regional gas supply companies to a daughter company of National JSC Naftogaz Ukrainy would allow the state holding to centralize its financial flows in its favor, according to the president of the Gas Traders Association, Roman Storozhev.

"The transfer of the pipelines targets the centralization of the financial flow in favor of Naftogaz Ukrainy in the person of its daughter company and tightening control over natural gas supplies," he said.

Storozhev said that today gas supply companies use the pipelines according to leasing or exploitation agreements, which were signed between them and Naftogaz Ukrainy, to provide for the stable work of the gas distribution pipelines and gas transportation.

"As for the consequences for regional gas supply companies, I should say that at present they don’t own gas distribution pipelines, and the pipelines are not no their balance sheets. These are state gas distribution pipelines, which are on the balance sheet of the State Property Fund of Ukraine. The cabinet decided to transfer gas distribution pipelines from the fund's balance sheet to the Naftogaz's balance sheet, to its daughter company, which was or will be created to ensure more efficient state management for gas distribution pipelines," he said.

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