• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 18 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 14 hours "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 14 hours Wind droughts
  • 2 days ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 8 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 13 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 3 days Xi Is Set To Be Re-Elected As China’s Leader
  • 52 mins Australian power prices go insane
  • 2 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 15 hours Europeans and Americans are beginning to see the results of depending on renewables.
  • 12 days Oil Prices Fall After Fed Raises Rates

Ukrainian Energy Giant Asks Creditors To Defer Debt Payments

Naftogaz has asked its international creditors to defer payments on its debt for the next two years.

Ukraine’s state-owned energy giant is struggling for cash, with many of its customers unable to pay their bills amid continued conflict across the country following Russia’s invasion.

The company has a $335 million bond maturing alongside two interest payments due on July 19th.

In its request for the payment freeze, Naftogaz said the five-month-old war had resulted in a “significant economic and business decline in Ukraine” and that the missed bill payments had “negatively affected its liquidity position”.

Naftogaz’s gas financing arm Kondor Finance said in a statement published late on Monday: “The Issuer, at the request of the Borrower, has launched this Consent Solicitation in order to seek approval from Noteholders to facilitate preservation of available cash … to support Ukraine’s strategic priorities.”

Related: The EU Has Frozen $13 Billion In Russian Assets

Bondholders have until July 21 to vote on the plan, which will defer all of the company’s main international bond payments until July 2024.

In addition to the bond due next week and in 2024, it also has a further bond that runs until 2026.

Naftogaz is a major source of income for Ukraine, with its revenues accounting for around 17 percent of the state budget last year, and for around half of the country’s financial resources since Russia’s invasion

The company told City A.M. last month it was facing a serious shortfall in energy this winter, requiring 5.8bn cubic meters to meet the consumption needs of its customers.

By City AM

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Kris Poole on July 14 2022 said:
    Uncle Biden will pick the tap. No worries. $335 mln is nothing. Top this with about $60 bln already spent. Another never ending money pit for American taxpayers. I guess lessons from Afghanistan, Iraq, Syria, Libya etc.. have already been forgotten. Add HIMARS, and other weapons to get a full picture. How long will this take? According to Biden, there are no limits "as long as it takes", and as much as it takes. No limits. Peace is NOT an option, until they get the result they want. 20 years later they will pull out in hurry, leaving a total destruction and failed state in the middle of Europe.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News