16:36 05.07.2019

Naftogaz ready to enter eurobond market next week, waiting for government permit

1 min read
Naftogaz ready to enter eurobond market next week, waiting for government permit

NJSC Naftogaz Ukrainy expects the Cabinet of Ministers to allow it soon entering the eurobond market to secure gas purchases and create its sufficient reserves for successful negotiations with Russia's Gazprom, CEO of Naftogaz Andriy Kobolev has said.

"Everything is ready for entering the market next week," he said at a briefing in Kyiv.

Kobolev told the Interfax-Ukraine agency that the government had not yet provided the appropriate permission.

According to him, the Cabinet of Ministers in May prohibited Naftogaz from issuing eurobonds before their sovereign issue.

Kobolev stressed there are international banks that are ready to lend Naftogaz $100 million, so he expects the placement to be successful.

The head of Naftogaz stressed that within the need to daily increase gas reserves by 60 million cubic meters, the company management decided to postpone the payment of part of dividends and he is ready to bear personal responsibility for this.

"If there are no gas reserves of 20 billion cubic meters, the contractual position will be undermined and it will be impossible to sign the contract," Kobolev said.

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