Naftogaz Says Approval of 2008 Financial Plan Greelights Release of 2006 IFRS Accounts

According to Naftogaz Vice-Chairman, Yuriy Kolbushkin, the Cabinet’s approval of Naftogaz’s 2008 financial plan on April 9 removed the obstacles for releasing company’s financials, Interfax reports. According to Standard Bank London Holdings Plc, referring to Naftogaz’s official letter, the Ukrainian company asked its Eurobond holders to postpone the deadline for release of its financial results to May 31, 2008. The letter, posted to the Luxembourg Stock Exchange on April 4, said the company attributed the delay to the extended Ukraine-Russia gas dispute over 2008 natural gas supplies. Under the terms of its Eurobond issue, Naftogaz is obliged to provide annual IFRS audited accounts by the end of July. In 2007, the holders of Naftogaz’s USD 500 mln Eurobonds consented to waive the deadline to the end of 2007 and later to March 31, 2008. Vladimir Nesterenko: We have no idea how approval of 2008 financial plan is related to release of 2006 accounts, but the news looks positive for Naftogaz, which we hope will this time meet the deadline.