January 19, 2023: The CEO of Ukrainian state energy firm Naftogaz stated that it is working toward quickly solving its debt default problems.
Oleksiy Chernyshov told at the World Economic Forum in Davos that he is finally getting the company back on track on Tuesday.
“By then, we’re planning to find the consent solicitation with our bondholders to restructure,” Chernyshov stated. “This is happening quite intensively. My plan for the two weeks is to finalize this process.”
In February, Naftogaz was the initial Ukrainian government-owned entity to default from Russia invading the country.
In the previous year, the company stated that the deadline for payments to the owners of Naftogaz Eurobonds expiring on July 26 without the amount taking place.
“As this failure to encounter its Eurobond obligations effectively deprives Naftogaz of accessing transnational capital firms, the Market Cabinet as the responsible party recently assumes full responsibility for growing accounts necessary to import natural gas for 2022-2023, which heats season,” the company stated.
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Chernyshov communicated as CEO of Naftogaz, his responsibility is to secure the production of natural gas in the government, “meaning facilitation and motivation of private producers to producing more, and that’s what we’re doing,” he noted.
“Naftogaz will buy from private producers that give gas on the market base cost. Yeah, my task is to increase natural gas production in Ukraine.”