Naftogaz to receive USD 2 bln prepayment from Gazprom
5 June 2012
Naftogaz (NAFTO) may receive a USD 2.0 bln prepayment from Gazprom for gas transit services to be provided through end-2012, according to media reports yesterday. The proceeds will be used to buy gas for underground storage to secure smooth supply to EU consumers in winter. In related news, an undisclosed source told Russian daily Vedomosti that Naftogaz has not yet signed a USD 2.0 bln agreement with Gazprombank that had been announced in late March and that the prepayment will come in place of the loan.
Vitaliy Vavryshchuk: News that Naftogaz’ Gazprombank loan is on hold is negative as the USD 2.0 bln facility would help to substantially improve Ukraine’s financial account in 2012. Prepayment from Gazprom will only partly and temporarily ease Naftogaz’ liquidity issues and will allow it to pump gas into storages in June before the gas price might go up further in 3Q12.
