Go to ...

The Newspapers

Gathering and spreading news from various Russian Newspapers

The Newspapers on Google+The Newspapers on LinkedInRSS Feed

Saturday, December 10, 2016

Naftogaz deprived of Russian money


President Poroshenko, it seems, changes the scheme of distribution of revenues received by Ukraine from the transit of Russian gas. It is well worth it to consider the causes of loud and false statements, voiced by representatives of the state company “Naftogaz” about the relocation of one of its subsidiaries. It is curious that the reform is contrary to the financial interests of Europe.

“Naftogaz of Ukraine” announced about the threat of default of the company. This happens, as stated, if the management functions of the gas transportation system (GTS) of Ukraine will be transferred from the company to the Ministry of economic development and trade of the country. Earlier, the Ukrainian media reported that the Agency has amended the articles of Association, taking over all functions of the management Company and GTS.

The company is the only company that makes a profit at the expense of gas transit. And the President Poroshenko is the desire of this company to control, moving it out of control Naftogaz”

PJSC “Ukrtransgaz” – the state enterprise for the supply, transportation and storage of natural gas, the operator of the Ukrainian gas transportation system. This company is responsible for the transit of Russian gas to Europe – and gets it from Russia is very good money. In 2015, for example, Gazprom paid Ukraine $ 2 billion for the transit of 67 billion cubic meters of gas.

“The amendment of the Charter of Naftogaz thus, as happened last week is a violation of the principles of corporate governance OECD (Organization for economic cooperation and development) and liabilities assumed Ukraine,” said Naftogaz, reports “Лига.net”. In particular, it violates the terms of the loan agreement with the EBRD and may be a potential cause of default on the debt of Naftogaz, the state-guaranteed, the company said.

Moreover, this situation threatens the conclusion of the Naftogaz loan agreement with the world Bank in the amount of 500 million dollars needed for the purchase of gas and stable passage of the winter season. Finally, the transfer of the company in the management of the economy would be a violation of the Third energy package of the EU, said the chief commercial Director of Naftogaz Yuriy Vitrenko.

“The economy Ministry is now headed by Naftogaz, and if it now wants to manage and Ukrtransgaz, it will be a direct violation of the Third energy package (EU legislation), which Ukraine has committed to implement. It would not even meet the requirements of the law of Ukraine on the gas market, regarding the separation of the operator GTS”, – said Vitrenko.

In fact, statements by the representatives of Naftogaz have very different motives than a concern about compliance with corporate procedures and European law. In fact, we are talking about the beginning of a new redistribution of property, struggle for the right of control over financial flows, which generates the gas transportation system of Ukraine.

The company makes a profit at the expense of gas transit. And the President Poroshenko is the desire of this company to control, moving it out of the control of Naftogaz,” says the member of the Supervisory Board of the Institute of energy strategies (Ukraine) Yuri Korolchuk.

In General, the desire of the Ministry of Ukraine to release the company from control by Naftogaz, the expert thinks is right. Because it means the first real step in reforming the gas sector of the country. This would be the first step towards the unbundling of sales (Naftogaz) and gas transmission (Ukrtransgaz), which exactly meets the requirements of the second (and third) energy package of the EU. In other words, the statements of Naftogaz is not just manipulative, but directly lying and completely reverse the facts of the case turned on its head.

In fact, according to the Third energy package of the EU, booty (of the company), transportation (Ukrtransgaz) and purchase (Naftogaz) gas should vestis different companies. However, in the last three years, says Korolchuk, Naftogaz, on the contrary, tries to concentrate all the resources around you. “That is tends to leave Naftogaz as it always was. By and large, Naftogaz remains fully controls the operation of the company and Ukrtransgaz”, – said the expert.

If the control of Ukrtransgaz will be taken from Naftogaz, “the head of Ukrtransgaz will no longer go cap in hand to Korolevu head of Naftogaz, he will make decisions, co-ordinating, of course, with the Ministry”, – says Yuri Korolchuk. “By and large I think they do it right. Only if it were not for the political factor. After all, there is a real redistribution of spheres of influence” – the expert adds.

That is why Naftogaz is doing so many big statements. “All the cries of Naftogaz of profitability are meaningless without Ukrtransgaz. Because without a company there’s no profit,” – says Korolchuk.

“The default can not be. Because technically Naftogaz is bankrupt, even when it declares its profits. If we discard all state subsidies, to compare how much money he earns Naftogaz and what damages are generated in the procurement of reverse gas, which was hanging on it and a lawsuit in Stockholm”, – said Yuri Korolchuk.

By the way, the reverse gas Ukraine buys mostly just on the money that Gazprom pays for transit, and also on credit. However, EBRD and the world Bank can indeed refuse to cooperate with Naftogaz, but not for the reasons that calls Naftogaz. Europeans best current gas relationship chart, as they not bad earn on it.

“In 2014, the EBRD, the world Bank and other European institutions took advantage of the moment to convince the Ukrainian government to put at the head of Naftogaz Andrew KOBOLEV. They got the man who completely controlled by them. Now they will defend to the last, because it is beneficial for them,” – says Korolchuk.

Now, however, Petro Poroshenko also wants to control Ukrgazvydobuvannia, Ukrtransgaz and Naftogaz as a separate trader.

European business is extremely beneficial for the reverse supply of gas to Ukraine. Because he receives a margin on the resale, in fact, cheaper Russian gas. A well-known fact that reveny gas is costing Kiev more than if it bought it directly from Gazprom. Is direct losses for Ukraine, but the profit for Europe. And pay for it, Ukrainian consumers, who repeatedly raised the fares.

Moreover, earn in this diagram also the creditors who give the money for purchase of import gas to Ukraine, but set the terms to only buy reversible gas and not spend these funds for the Russian. As a result, Ukraine was overcharged twice due to the purchase of more expensive fuels and due to interest payments to Western banks.

All this may explain why Naftogaz de facto under the control of the Europeans) do not want to lose control of Ukrtransgaz. After all, the company may, for example, decide that it is wrong to purchase expensive reversible gas when there is a more attractive offer from Russia. Or spend the money to pay the interest on European loans. It is the fear of the financial failure of Naftogaz could convince the EBRD and the world Bank to issue the promised loans for the purchase of gas.

“The world Bank can call this as a reason for non-issuance of credit. Given that they are satisfied, what is he doing now Naftogaz” – said Korolchuk. If the fire of this conflict is not repaid on time, it really can cause money for the purchase of imported gas and injecting it into underground storage facilities for winter in Ukraine is not enough.

source

Related posts:
Why the money began to run away from Moscow
Russia reduced gas price for Ukraine, refusing to discount
"The maintenance of the ruble has reached the limit": the citizens are forced to keep the ...
From the fall of the ruble will suffer another nine countries

Recommended

More Stories From Economy