A shortage of working capital can prevent Naftogaz of Ukraine from continuing accumulation gas in the underground gas storage facilities (UGS) in order to level the negative consequences of a possible termination of Russian gas transit through Ukraine from January 1, 2020.
This was announced by the CEO of Naftogaz, Andriy Koboliev. Андрей Коболев.
“The Ukrainian UGS has 11.5 billion cubic meters of gas as of June 1 – this is 1.8 billion cubic meters more than in 2018. If we continue to accumulate gas at such rates, we will reach the required level of 20 billion cubic meters by the beginning of the heating season. Then we will be ready for any Gazprom’s actions, and Ukraine’s position in the negotiations will be defended. But this can be hampered by a shortage of working capital at Naftogaz,” Koboliev said.
Koboliev called the debt for gas on the part of gas sales and heat producers for UAH 61.4 billion among the factors that provoke a shortage of funds, adding that this is twice as much as is needed to properly prepare for winter. In addition, Naftogaz is obliged to pay dividends in the nearest future.
“Another deficit factor is the Cabinet requirement to pay 90% of our profits as dividends by the end of June. This is an extraordinary challenge for us right now because we need money to purchase gas for the winter. We have to choose – today’s dividends or protection from crisis,” the CEO of Naftogaz said.
According to Koboliev, the company needs an installment plan until it starts selling gas. He believes that another option is to attract loans, providing for permission and active Cabinet’s participation as the sole shareholder is needed.
As The Journalist reported, Naftogaz needs USD 1 bln loan to prevent collapse of upcoming heating season in Ukraine.
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