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Reforming of Naftogaz to be completed by January 1, 2012

“The work will be completed by January 1, 2012,” Boiko said

KIEV, September 7 (Itar-Tass) — The ministry of energy and coal industry of Ukraine reports that the process of the reforming of the Naftogaz Ukrainy Company will be completed before January 1, 2012. Minister of Energy and Coal Industry Yuri Boiko spoke about it on Wednesday.

“The work will be completed by January 1, 2012,” Boiko said. According to his information, the shares of the companies, created during the reorganising of Naftogaz, will be placed with the stock exchange in 2012.

“Next year we shall start the privatisation of those companies either through IPO, or through the sale of part of the blocks of shares at the international financial market,” Boiko said. He believes this will make it possible to make additionally 10-15 billion dollars, which will be spent on the creation of the system of energy efficiency and on the growth of domestic gas production.

Ukrainian Prime Minister Nikolai Azarov said on September 2 that Naftogaz would be liquidated as a result of the reforming. According to Azarov, all the contracts signed by Naftogaz will have to be revised in this connection.

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