Ukraine’s energy giant Naftogaz will be out of default soon: CEO

The CEO of Ukrainian state energy giant Naftogaz stated the corporate is working towards resolving its debt default issues shortly.

Yuriy Vitrenko informed CNBC’s Hadley Gamble on the World Financial Discussion board in Davos on Tuesday that he’s within the remaining levels of getting the corporate again on monitor.

“By the end of this month, we’re planning to find the consent solicitation with our bondholders to restructure,” Vitrenko stated. “This is happening now quite intensively. My plan within two weeks is to finalize this process.”

Naftogaz was the primary Ukrainian government-owned entity to default since Russia invaded the nation in February. 

Final 12 months, the corporate stated the deadline for funds to holders of Naftogaz Eurobonds expired on July 26 with out fee happening.

“As this failure to meet its Eurobond obligations effectively deprives Naftogaz of access to international capital markets, the Cabinet of Ministers as the responsible party now assumes full responsibility for raising the funds necessary for the import of natural gas for the 2022-2023 heating season,” the corporate stated.

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Vitrenko stated as CEO of Naftogaz his duty is to safe manufacturing of pure gasoline within the nation, “meaning facilitation and motivation of private producers to produce more and that’s what we’re doing,” he famous.

“Naftogaz will buy from private producers that produce gas on the market base price. Yeah, my task is to increase the production of natural gas in Ukraine.”

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