The assessment of the debt owed by national joint-stock company Naftogaz Ukrainy to public joint-stock company Ukrnafta for natural gas allegedly consumed by households in the volume of 10.1 billion cubic meters (bcm) at UAH 3.753 billion, which was published in an audited report for 2012-2013, is too low, according to a statement issued by Ukrnafta on Tuesday.

"The calculation of its liabilities by Naftogaz Ukrainy with their pegging to the prices set by the National Commission of Ukraine for Energy, Housing and Utilities Services Regulation (NCER) points out an attempt to mislead potential investors, state power agencies and society in general," Ukrnafta said.

Ukrnafta believes that the prices set by the NCER cannot be used to assess the debt, as in 2006-2007 (almost 3.5 bcm of gas out of 10.1 bcm was consumed during this period) Ukrnafta prices were not regulated, while NCER resolutions on setting the price of Ukrnafta's gas in 2008-2011 were canceled by the courts.

According to the statement, the courts said that the prices were economically unjustifiable and unfair, while the commission violated Ukrainian law by setting them at a sum which is lower than the cash cost.

"The recognition of liabilities for consumed gas by Naftogaz Ukrainy could be considered as a positive move in settling the conflict situation with gas produced to Ukrnafta in 2006-2011," reads the statement.