Ukrainian Naftogaz May Go Bankrupt in 2009

The Ukrainian president's administration does not rule out the possibility that Naftogaz of Ukraine could file for bankruptcy in 2009, RBC Ukraine reported today.

The source in the administration said that the 2009 budget provided for a mere USD 211.9m to cover the gap between the gas import price and prices for the population. However, the actual amount could run up close to USD 1.22bn, suggesting that Naftogaz of Ukraine will either raise gas tariffs, or go bust.

Meanwhile, Naftogaz of Ukraine and Gazprom representatives are still in talks over debt settlement, and the Ukrainian company's head Gazpromis due to return from Moscow on December 30.

Author: Ksenia Kochneva