Ukrtransgaz signed an agreement on settlement of mutual obligations with ERU Trading for UAH 1,47 billion

Ukrtransgaz enters into an agreement with ERU Trading LLC on UAH 1.47 billion debt restructuring, write-off of accrued fines, and other mutual claims.

The deal between ERU Trading and Ukrtransgaz reconciles claims to the Government of Ukraine by the Overseas Private Investment Corporation (OPIC) to redress losses alleged. Since the contracts for the supply of gas by ERU Trading to Ukrtransgaz are covered by insurance from OPIC, a semi-governmental agency that helps US companies to invest in emerging markets. Despite the hardships, Ukrtransgaz and NJSC Naftogaz of Ukraine continue to seek ways to resolve the situation arising from shortage of funds at Ukrtransgaz caused by the NKREKP's (state regulator) lowered-down tariffs set for the GTS Operator, as well as unauthorized offtakes of natural gas by Oblgasses [regional gas distribution companies-Ed] as numerously abusing Ukrtransgaz' pipeline transmission networks.

One may recall, Ukrtransgaz indepted UAH 4.8 billion to suppliers for technology gas procurements to support  daily operations of GTS Operator .

13:55 / 27 June, 2019

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