Naftogaz Set to Lose Over $1 Billion in 2022: Ukraine’s Largest Gas Company at Risk

Oleksiy Chernyshov, Chairman of the Board of Directors of the Ukrainian company Naftogaz, said that by the end of 2022, the company suffered losses in the amount of UAH 40 billion (more than a billion dollars).

“We have preliminary results, and we will announce the presence of losses, if I am not mistaken, in the region of UAH 40 billion,” Chernyshov was quoted by UNN as saying.

He added: Our company is unable to pay, and the losses are due to the fact that the company has fulfilled its obligations to supply gas to Ukrainian consumers, including residential buildings, the public sector and the business sector, while the government is currently working on determining prices for these deliveries. The state’s debts to our company are accumulating.

Bloomberg reported, citing its sources, that Western creditors did not agree with Naftogaz’s proposal to restructure the debt.

Earlier, creditors prevented the deferral of debt and interest due to the company in the amount of $835 million.

Source: TASS