Thursday, April 22, 2010

Naftogaz must be saved and we will do it - President

President criticized attitude of previous government towards Naftogaz. "Naftogaz Ukraine", which by its nature cannot be unprofitable, was made such. Initially, the company was transformed into a donor for the whole economy and was brought to near bankruptcy", he said. He reminded that last year Naftogaz accumulated 70 billion UAH of debt, which was almost equal to its last year’s income (about 100 billion.)

If the gas price for Ukraine remained at the previous level, Viktor Yanukovych said, the Naftogaz budget deficit would be about 40 billion UAH. In such situation one could not speak about reaching major international gas agreements or protection of national interests.

Now, said the President, Naftogaz Ukraine must be rescued. "This is our national achievement, and if we lose it, it will have consequences. But we will not allow that. We will save Naftogaz Ukraine and by the end of this year it will be 100% balanced," he said.