You're reading: Boiko says Ukraine launches Naftogaz restructuring

Ukraine has launched the restructuring of national joint-stock company (NJSC) Naftogaz Ukrainy to bring it into line with European Union requirements in the energy sphere under the treaty establishing the Energy Community, according to Ukrainian Energy and Coal Minister Yuriy Boiko.

"The key [adaptation] here is to distribute the functions of natural gas transit, purchase and sales, and the work in this country is to be completed by January 1 [2012]," the Energy and Coal Ministry’s press service quoted the minister as saying at a meeting with accredited in Ukraine diplomats in Kyiv on Thursday.

Boiko told the diplomats that the company would meet all its financial and contractual obligations during the restructuring.

The minister briefed the diplomats on the major directions of Ukraine’s energy policy. In particular, he said one of the chief directions of the government’s energy policy today is to cut Ukraine’s natural gas consumption while simultaneously increasing domestic production to 25 billion cubic meters by the beginning of 2015.

"We’ve already applied to our partners from Russia’s Gazprom to buy 27 billion cubic meters of gas [in 2012]," Boiko said.