“Naftogaz paid for all the gas that was actually delivered in 2012
and believes that Gazprom’s bill for importing less gas than contracted
is unjustified,” the document says.
But the prospectus also says that the take-or-pay provisions of the
contract are a risk for Eurobond investors: if Gazprom’s claims are
upheld, the government might have to bail out Naftogaz, which would put
pressure on Ukraine’s national budget.
In 2012 the state provided Naftogaz with Hr 3.9 billion in direct
assistance (Hr 7.993/$1 on February 11), as well as indirect
assistance: Hr 9.8 billion in compensation payments for differences in
rates charged for heat in the various regions and a Hr 6 billion
increase in charter capital.