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The threat of bankruptcy hangs over national JSC Naftogaz Ukrainy, as justifiable prices of gas for households and companies had not yet been set, according to first deputy head of the presidential secretariat Oleksandr Shlapak.

He told the press on Thursday that the Ukrainian cabinet on Wednesday transferred the functions of setting the ceiling prices of gas for industrial companies to the National Electricity Regulatory Commission (NERC).

Shlapak said that the prices of gas for households and heat power supply companies have not been revised.

He said that a large discount for chemical and metals companies was made, which was motivated by memos signed with representatives of these sectors.

Shlapak said that according to Ukrainian law, the commission is to set the ceiling prices, and no one can pressurize the commission.

He said that in the present situation, the tentative losses of Naftogaz Ukrainy due to supplying heat power companies alone would be over UAH 12 billion in 2009, and for industry, taking into consideration discounts, - around UAH 2.5 billion.

Shlapak said that Naftogaz Ukrainy had to leave its financial plan with losses.

"If measures are not taken, Naftogaz Ukrainy will directly go to bankruptcy," he said.

He said that amendments to the 2009 national budget, under which the price of gas would be subsidized, should be made.

He said that the economically justifiable price of gas for heat power supply companies is UAH 2,300 per thousand cubic meters. He said that he took into account a price of gas on the border with Russia of $241 per thousand cubic meters, a forecasted exchange rate UAH 8.3/$1, along with VAT and expenses for gas transportation.