Yanukovych asks cabinet to develop Naftogaz restructuring plan by October 1

Ukrainian President Viktor Yanukovych asked Prime Minister Mykola Azarov to draft a plan to restructure state-owned gas company Naftogaz of Ukraine by October 1, according to an announcement on the president’s website on Friday. According to the announcement, the plans should outline the proposed structure of Naftogaz assets and how it proposes to split the extraction, transportation and distribution functions divisions. Last Thursday Azarov said the government planned to sell a stake in Naftogaz’ E&P branch via an IPO for USD 5-10 bln.