World Bank to issue report on Naftogaz restructuring by year’s end

The World Bank’s expert group is expected by the end of December 2015 to issue a report on restructuring of Ukraine’s largest state energy holding Naftogaz of Ukraine, which envisages separation of the company’s gas transportation operations, Mykhailo Bno-Airiian, the Head of the European Integration Department at the Ukrainian Ministry of Energy and Coal Industry, wrote on Facebook.

“A group of experts from the World Bank will be working in Kyiv this week to analyze different models [of Naftogaz restructuring]. They are expected to submit a final report by the end of December,” a statement reads.

As reported, the first meeting of the group with participation of the Energy Ministry, Naftogaz and international financial institutions was held on Tuesday, November 17, and focused on restructuring of the energy holding that provides separation of its gas transportation business.

As UNIAN reported earlier, in October 2015, the Cabinet of Ministers of Ukraine adopted a plan of corporate governance of NJSC Naftogaz of Ukraine at a meeting with representatives of international financial organizations. At the same time, Ukrainian Energy and Coal Industry Minister Volodymyr Demchyshyn has repeatedly criticized the plan.

UNIAN memo. Naftogaz of Ukraine is the largest state-owned vertically integrated oil company in Ukraine. The enterprises managed by the company produce more than 97% of gas and oil in the country.

The company is engaged in mining, oil and gas extraction, transportation, and the sales of oil products through its own network of petrol stations.

Source : UNIAN

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