Naftogaz: Going, Going, Gone?...

January 2008 | Market Strategy

Since early 2006, we have been highlighting the pressures on Ukrainian gas company Naftogaz. Rising gas import prices, together with only moderate increases in transit fees - which are themselves routed through intermediary RosUkrEnergo - and a poor corporate culture have caused major balance sheet problems, and a technical debt default at the start of the year. With the company missing a January 1 2008 deadline to publish audited accounts for 2006, the company has been adjudged to be in technical default on its US$ 09 bond. A US$2.4bn government guarantee is helping to prop up bond prices, which are

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