Naftogaz plans to emerge from default soon

Naftogaz of Ukraine NJSC is working to quickly overcome problems with default. The company plans to agree with the owners of Eurobonds on restructuring by the end of the month. This was announced by Naftogaz chairman Oleksiy Chernyshov in an interview with CNBC in Davos.

According to Chernyshov, by the end of January, Naftogaz wants to obtain the consent of bondholders for restructuring. Chernyshov also noted that as the head of Naftogaz, his responsibility is to ensure the production of natural gas in the country, "keeping in mind the promotion and motivation of private producers to produce more."

"Naftogaz will buy from private gas producers at the base market price. Yes, my task is to increase natural gas production in Ukraine," he added.

It will be recalled that after the Russian invasion Naftogaz declared default. The deadline for payments to the owners of Naftogaz Eurobonds passed on July 26, but the company did not make the payments as ordered by the Government.