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Reuters | Gas price talks resume, Kiev rejects latest Russian offer, 11 July 2014
The European Commission, the EU executive, took on the role of brokering trilateral price talks after Russian President Vladimir Putin suggested three-way negotiations, but five rounds so far have failed to get a deal.
Ukraine's Prime Minister Arseny Yatseniuk at a cabinet briefing on Wednesday made clear Ukraine rejected Russia's offer to lower gas prices by removing export duty, a measure that would not be written into the contract and was therefore at the whim of Moscow. ...
Ukraine votes to keep western companies out of gas industry, 25 July
Ukraine's parliament has rejected allowing EU and US companies to buy up to 49 percent of oil and gas company Naftogaz, and also said they were against liquidating the national energy monopoly.

Kiev rejected splitting the company in two, a measure encouraged by the West in order for Naftogaz to comply with Europe's third energy package, which doesn't allow one single company to both produce and transport oil and gas.
There had been rumors the state would sell off at least 15 percent of Naftogaz in a public offering, however, the conditions in Ukraine's capital and equity market aren't strong enough to get a high enough price.
Ukraine's Rada needed a minimum of 226 votes to support the reform, but only 94 deputies were "for" the change. In the first reading, it received 229 of the 226 votes [?] required to restructure the company. Voting bloc dynamics changed on Thursday after the ruling coalition dissolved itself triggering an early parliamentary election after the government resigned.

Following the rejection of privatizing Naftogaz, Prime Minister Yatsenyuk announced his resignation as head of the government. The vote took place among other proposed budget reforms, defense spending, as well as a discussion on how to tackle Ukraine's gas debt.

Naftogaz's debt to Russia now exceeds $5 billion. Crippled finances prevent the company from paying for Russian gas supplies, much of which have already been delivered....

Reuters | Naftogaz bondholders reject debt freeze, Kyiv rejects payment plea, 25 July 2022
Ukraine's state-owned energy company Naftogaz looked to be on the brink of default on Monday, after bondholders refused its two-year debt freeze plan and the government rejected a last minute request to change course and keep making its payments.

Naftogaz said in a statement that with so few bondholders supporting its debt freeze proposal ahead of a deadline on Tuesday, the "required quorum" needed to pass the plan was "not expected to be met."....

Bloomberg Law | Naftogaz Offers Debt-Freeze Plan With Government Blessing, 2 Aug
Ukraine's state-run oil and gas company NJSC Naftogaz Ukrainy put forward a new debt-freeze plan, which has government backing and largely mirrors the postponement in debt payments the sovereign seeks to secure in separate talks with its creditors....
euronews | Ukraine faces key test on debt freeze plan in bid to avoid messy default, 9 Aug
When announcing its proposal, Ukraine's finance minister Sergii Marchenko said it had "explicit indications of support" from some of the world's biggest investment funds including BlackRock, Fidelity, Amia Capital[,] and Gemsstock.

Creditors of Ukravtodor and Ukrenergo, two state-owned firms that have government guarantees on their debt, also have until Aug. 9 to vote on a plan similar to the sovereign....

Reuters | Ukraine's creditors agree 2-year freeze on $20 billion overseas debt, 12 Aug
With no sign of peace or a ceasefire on the horizon nearly six months after Russia's invasion began, holders of around 75% of the outstanding total agreed to Kyiv's proposal, documents showed.

"Ukraine will save almost $6 billion on payments," said Prime Minister Denys Shmyhal in a statement. "These funds will help us maintain macrofinancial stability, strengthen the sustainability of the Ukrainian economy and improve the power of our army."...

by Cat on Mon Oct 10th, 2022 at 10:05:22 PM EST
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