Naftogaz to Attract USD 1.4 bln Working Capital Financing

Naftogaz of Ukraine aims at attracting USD 1.4 bln to cover working capital gap in 2008. According to the company’s financial plan, approved by the Cabinet on April 9, its cash inflow should amount to USD 14.8 bln (including USD 1.6 bln compensation from the budget, 2-year dividends from Ukrgaz-Energo and Ukrnafta, etc.), while cash outflow was approved at USD 16.5 bln (including taxes, interest and debt repayment). According to the company’s release, the funding will be used to pay for imported gas. Another news said, refferring to Valeriy Khoroshkovskiy, the Head of Ukraine’s State’s Custom Committee, Naftogaz started custom legalization of natural gas on April 17, under the contract between RosUkrEnergo and Naftogaz for 2008. Valeriy Khoroshkovskiy said that Naftogaz has already legalised 3.5 bcm of natural gas.