National joint-stock company Naftogaz Ukrainy is to pay $500 million to foreign creditors by 2018, and will pay UAH 23 billion and $400,000 to Ukrainian banks in 2015-2016, according to a presentation exhibited by the company at a meeting of the National Reform Council held on March 30.

"In 2014, Naftogaz Ukrainy paid eurobonds worth $1.6 billion and $2.3 billion for gas supplied in 2013. Naftogaz Ukrainy had to work for advance payment for gas transit worth $1.5 billion received and spent in 2010-2013. The following is left: foreign credits worth $1.7 billion, including a state-secured $500 million [with the payment schedule agreed until 2018], and credits of Ukrainian banks worth UAH 23 billion and $400,000 [to be returned in 2015-2016]," reads the presentation.

Naftogaz said that taking into account turnover and the cost of the company's assets, its credit debts are rather small.

"The problem is the restricted opportunity to refinance the credits, regardless of the high cost of funds on the market," Naftogaz said.