Public joint-stock company Ukrnafta has not fulfilled its obligation to pay dividends for 2011-2014, national joint-stock company Naftogaz Ukrainy has reported.

"The replacement of dividend payment to the state by meeting counterclaims proposed by Ukrnafta's managers violates Ukrainian law. The required signs of circumstances which could be terminated using the offset deal are their ability to replace each other and homogeneity under Article 203 of the Economic Code of Ukraine and Article 601 of the Civil Code of Ukraine. The requirements to which Ukrnafta refers cannot replace each other and they are not homogeneous," Naftogaz said.

Naftogaz said that according to the decision of Ukrnafta shareholders at a general meeting, the company was to transfer UAH 1.78 billion to the Ukraine's national budget before April 10, 2015 and another UAH 630 million before October 3, 2015.

"The two decisions of the shareholders have not yet been fulfilled. The unpaid dividends of UAH 2.41 billion are to be transferred to the national budget of Ukraine," Naftogaz said.

As reported, Ukrnafta said that all its liabilities for 2011-2014 dividends worth UAH 2.412 billion have been terminated to cover the debts of national joint-stock company Naftogaz Ukrainy for gas received in 2008.

Ukrnafta took UAH 1.78 billion for 247.17 million cubic meters of gas (at the upper price for industrial consumers – UAH 7,200 per 1,000 cubic meters, which was in effect at the moment of the Ukrnafta's statement in April 2015 on the debts being waived).

In addition, Ukrnafta took UAH 632.304 million for 95.804 million cubic meters of gas (at the upper price for industrial consumers – UAH 6,600 per 1,000 cubic meters which is currently in effect). The sum is considered paid to cover its liabilities on 2014 dividends.

The company believes that it has no liabilities to Naftogaz Ukrainy to pay 2011-2014 dividends to Naftogaz Ukrainy, and states that Naftogaz still owes it for gas sold in 2008 in the amount of 27.439 million cubic meters.