NJSC Naftogaz Ukrainy has postponed the issue of eurobonds due to market conditions, but intends to be ready for their placement in September 2021, Naftogaz Head Yuriy Vitrenko has said.
"Due to market conditions, the issue was postponed. This was not my decision, it was made by Chief Financial Officer of Naftogaz Petrus van Driel. We will now do everything to be ready to issue bonds in September," he said in an interview with Novoye Vremia
Vitrenko said the issue of eurobonds was also postponed in 2020 due to unfavorable market conditions.
He also said that Naftogaz borrows money more expensive than the Ukrainian government.
"Eating this money is a double crime. If a company borrows money at a higher price than the government, it must show the government that this money will be invested profitably," the head of the company's board said.
Vitrenko said the key task is to invest this money profitably.
Former head of the board of Naftogaz Ukrainy Andriy Kobolev in an interview with Interfax-Ukraine at the end of April said that his team was planning to issue eurobonds in the first half of May, a conference call with investors was scheduled for April 29.
He said the issue was delayed due to the position of the Finance Ministry, which refused to give appropriate permission.
The former head of the board said the placement of eurobonds was a very important element for providing a "financial cushion" that would allow Naftogaz to ensure the energy security of Ukraine by increasing gas reserves in underground storage facilities.