Naftogaz may raise debt to Gazprom to over USD 2.5 bln by end-December

Обзоры по компаниям и отраслям 26.12.2013 Natural gas stocks in Ukraine’s underground storage facilities amount to 16.5 bcm as of late December, Energy Minister Eduard Stavytskiy reported on Dec. 25, according to the Interfax-Ukrayina news agency. A month ago, gas stocks were 17.6 bcm. Stavytskiy also assured journalists that Naftogaz (NAFTO) agreed with Gazprom (GAZP RX) to postpone some parts of payments for imported gas till the end of 1Q14. Earlier this month, Naftogaz CEO Yevhen Bakulin said the Ukrainian company will pay in December only USD 765 mln of the debt for August gas supplies, while the rest of the gas payables will be settled in 1Q14. Alexander Paraschiy: Naftogaz’s debt to Gazprom for the imported gas may reach USD 2.5-2.9 bln as of early 2014, providing it will repay USD 765 mln in December. The total unpaid gas bill as of the beginning of December was USD 2.02 bln, according to Gazprom’s CEO, and the end-December gas stock data imply Ukraine has imported about 4 bcm of gas at a total value of about USD 1.6 bln in December. At the moment, it is not clear how Naftogaz will be able to repay this debt in 1Q14, but is seems like the gas monopoly will count on government support that will be backed by Russian lending.