Head of the State Fiscal Service Roman Nasirov has said that financial readjustment of public joint-stock company Ukrnafta proposed by the company's supervisory board could be conducted, but only if concrete conditions are met.

The company has accumulated around UAH 11 billion of tax debt.

"It [readjustment] is really possible. We should understand what the offer will be, where the money are taken from to cover the tax debt," he told reporters in Kyiv on Wednesday.

The supervisory board on May 24 proposed to introduce a financial readjustment plan.

"If we do not reach an agreement with the main creditor – the State Fiscal Service, the introduction of readjustment makes no sense," Naftogaz Ukrainy Board Chairman Andriy Kobolev said at the briefing after the meeting of the supervisory board.

He said that only the interest rates accrued on tax debts accumulated before the new top manager of the company Rollins came in summer 2015 amount to around UAH 4 billion a year.

Naftogaz Ukrainy owns a 50% plus one share stake in Ukrnafta, a group of companies associated with the shareholders of PrivatBank (Dnipropetrovsk) holds about 42% of the shares.