Last week it became known that the Cabinet of Ministers of Ukraine passed in the management of Naftogaz of Ukraine Lysychansk, Zuevskij experimental, Nikolaev, Krivoy Rog combined heat and power (CHP) and the State Enterprise Crimean generating system (CSC). The latter belong to Sevastopol, Simferopol and Reed-Burunskiy CHP.
   

According to First Deputy Minister of Fuel and Energy Oleg Bugaev, the decision was taken at a government meeting on October 7. NAK Naftogaz Ukraine addressed in the proposal to the Ministry of Fuel and Energy in October 2008, arguing that the transfer of the company will begin production of CHP heat. The representatives of Naftogaz of Ukraine is a dubious argument in favor of the transfer of TPP on the balance of the company - presumably this would create competition between public and private CHP. But the state of most of the transferred heat and power NAC lamentable. So, July 24, 2009 by a decision of the Economic Court of Donetsk region in Zuevskaya Experimental TPP was expropriated property for 4 mln UAH.

Interestingly, two months earlier, on August 4, in the structure of NAC, a new subsidiary Нафтогазмережі, the balance of which is expected to transfer the property of all regional gas companies.

Penalty debts
    

The day before the Cabinet decision to transfer the balance of NAC indicated CHP became known conditions under which the company will buy Russia's gas in the IV quarter of this year. According to Valentin Zemlyansky, Head of Public Relations and Media NAK Naftogaz Ukraine, Russia's gas price for Ukraine in the IV quarter of 2009 will be $ 208-209 per 1 thousand cubic meters In addition, he reported that in October - December NAK Naftogaz of Ukraine plans to buy about 14 billion cubic meters of gas Russia. It is easy to calculate that to purchase a specified amount of gas Naftogaz of Ukraine will require $ 2.9 billion, voicing this figure - 14 billion cubic meters, for the year of NAC expects still to select the minimum amount of gas provided by the contract with Gazprom - says Vladimir Omelchenko, a leading expert of power programs Cent ¬ ra im.A.Razumkova.

Remember: under the terms of the Treaty on Russia's gas deliveries for 2009 are released, Prime Minister Yulia Tymoshenko, if the NAC does not buy from Gazprom at least 32 billion cubic meters of gas, the latter has the right to bring the Ukrainian company penalties. According to calculations representative of the President of Ukraine on Energy Security Bohdan Sokolovsky, the fine may amount to an impressive amount - $ 5 billion

In such a state that's

Valentin Zemllyanskiy assures that in the IV quarter of NAC in a position to pay for gas due to income from operations. It is primarily for the sale of an energy Ukrainian consumers and transit of Russia's gas to Europe. But the funds received for gas transit to prepay up to June 2010, NAK Naftogaz Ukraine has already spent. In addition, for people and businesses teplokommun ¬ electricity gas price remains lower than that of NAC pays Gazprom.

Also from the beginning, the percentage of NAC on the market of gas supply industrial consumers have fallen from 75% to 60%. The reason - the company lost market share for gas supply to industrial consumers, private firms and daughter of Gazprom - the company Gazprom Sales Ukraine. And it was the gas industry are the most profitable business in the domestic gas sector.

Thus, NAC was deprived of its own funds to pay for Russia's gas. No wonder that since March, the company requests the Government to transfer its 33 billion UAH. to cover the cash gap.

Opium for the people
    

noteworthy that, despite the hole in its budget, the NAC continues to give exemptions for certain businesses. Already wrote that in mid-August, NERC, on the recommendation of the Cabinet reduced to 16,5% (from$ 238 to $ 205 for 1 thousand cubic meters) gas prices for several chemical companies, whose owners are loyal to the government. Last week it became known that the ranks of elected supplemented JSC Rivneazot , controlled by Dmitry Firtash. Earlier this businessman relationship with the prime minister, to put it mildly, not folded. In addition, the Cabinet established a preferential tariff for religious organizations. According to the calculations of the first deputy head of Presidential Secretariat Oleksandr Shlapak, soft the government's decision will lead to the fact that in September - December 2009 NAC would wipe 1.7 billion UAH.
   

eloquently of the current financial situation NAC characterizes the fact that September 30 the company could not repay Eurobonds for $ 500 million offering to holders of these securities to exchange them for new Central Bank, guaranteed by the State, with a maturity date in 2014 The final terms of debt restructuring companies will be discussed Oct. 19 at a meeting of holders of Eurobonds in London.

End farm

Experts agree that in the present circumstances to make their own calculations of Russia's gas in the IV quarter of NAK Naftogaz Ukraine can not. With a deficit of $ 4 billion of NAC is unable to pay for a purchased gas from Russia's own revenues, - says Vladimir Omelchenko. Agree with my colleague and Mikhail Gonchar, Director of the Energy Center's programs promote the study of geopolitical problems and the Euro-Atlantic cooperation of the Black Sea region NOMOS.

In his view, to calculate the government will have to draw a loan of the European Bank for Reconstruction and Development (EBRD). Recall: 17 November this year, the EBRD Board of Directors will consider the allocation of NAC $ 300 million to finance working capital for the purchase of gas.
    

Do not forget about the fact that NAK Naftogaz of Ukraine are indebted to domestic gas consumers. According to the company Gas of Ukraine (a subsidiary of NAC, engaged in selling gas), for the first nine months of 2009 the company teplokommun-regional gas and electricity accumulated debts of 4.1 billion UAH. The overall size of the debt for the consumed gas, formed in the years 1999-2009. Is nearly 10 billion UAH. Not surprisingly, Prime Minister Yulia Tymoshenko NAK Naftogaz to the beginning of the heating season to all offsets with companies Teplokommunenergo. Although to achieve repayment of the regional gas and Teplokommunenergo almost impossible.

Certainly, the government may put pressure on local authorities, but is unlikely to even administrative methods will significantly reduce the current debt, - says Mr. Gonchar. In connection with this initiative for resubmission of a number of CHP immediately NAK Naftogaz Ukraine launched very handy. Their willingness to lend to companies Teplokommunenergo to repay their debts for gas said Prominvestbank (a majority of which belongs to Russia's Vneshtorgbank).

If the representatives Teplokommunenergo will come at us with an adequate supply - the rate of not less than 22%, the availability of state guarantees and security in the form of fixed assets, we are ready to consider it, - deputy chairman Vyacheslav Prominvestbanka Yutkin.

Recall: In March of this year, thanks to credit from private banks, especially at Alfa Bank (Ukraine) (part of Russia's financial-industrial group Alfa Group), the company Kyivenerho managed to partially repay the NAK Naftogaz.

This summer, their willingness to lend to Ukrainian enterprises Teplokommunenergo said representatives of Russia's investment group Troika Dialog. If the Government agrees with the proposals of potential lenders to grant bail in capital assets Teplokommunenergo and regional gas and if the money is not returned,then these assets may become property of creditors. In the case of the regional gas companies, which reside on the balance of gas distribution network, this can lead to loss of the latter. More banks in Russia without any problems will be able to sell these assets to Gazprom, which is interested in gaining control over the distribution network in Ukraine.

It was, it was

interest to the Ukrainian gas distribution networks, Gazprom has been showing more in 1999-2000. Then Russia's gas monopoly, offered the government of Ukraine to repay debts for gas, formed in 1998-1997 gg., Through the transfer of Ukrainian enterprises and state corporate rights.

As told in December 1999, Igor Didenko, who at the time, as now, served as first deputy chairman of board NAK Naftogaz Ukraine, Russia has raised this issue, there is a list of items signed by the Deputy Minister of Economy of Russia , it more than 100 sites.

Then the financial condition of the newly established NAC also caused concern. And it was in 1999, there were last before the current increase in the authorized capital of NAC. 13 July 1999 the government increased the authorized capital of the company more than 3 times - from 1.7 billion UAH. up to 5.6 billion UAH. Then Ukraine has attracted a loan from western banks and sending the money through the NAC in the regional gas companies and Teplokommunenergo calculated with Gazprom.

now to attract additional credits for the NAC, to put it mildly, limited - because the company is unable to pay the old debts. So the prospect for the immediate future of NAC - restructuring and privatization. Moreover, these variants insist Russia and Europe.

Kamenev, Maxim

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