Naftogaz ordered to repay $80 mln debt to its subsidiary
KIEV, May 14 (RAPSI) – The Kiev commercial court has ruled that Naftogaz Ukraine must repay a debt of 930 million hryvnias ($80.1 million) to its subsidiary, Ukrgasvydobuvannya, the largest natural gas and condensate producer in Ukraine, the UNIAN news agency has reported.
The court established that Naftogaz had not paid for the gas it bought from Ukrgasvydobuvannya in November and December 2013. In all, it bought 13.9 billion cubic meters of natural gas from its subsidiary at 419.04 hryvnias ($36.10) per square meter last year.
Ukrgasvydobuvannya (Ukrgazdobycha) consists of two gas production divisions, a well drilling company and a gas and condensate processing division. It is 100% owned by Naftogaz.
Naftogaz Ukraine is Ukraine’s largest vertically integrated oil and gas company. It produces over 97% of oil and gas in the country.