The total debt of national joint-stock company Naftogaz Ukrainy to state-run Oschadbank as of early 2013 reached UAH 20.329 billion, reads a prospectus of the bank's eurobond issue.

The document says that as of late June 2012, the debt of Naftogaz stood at UAH 20.332 million or 34% of the total credit portfolio of Oschadbank.

"The bank would like to reduce the amount of credits issued to Naftogaz. However, taking into account the important role of Naftogaz in formation of the bank's revenue, the financial institution could be interested in refinancing of a part of the company's debts so to avoid the large fall in the credit portfolio," reads the document.

As reported, Naftogaz Ukrainy unites oil and gas production assets in Ukraine, and is the country's gas transit, underground gas storage, and oil pipeline transportation monopoly.