«And you, Brutus?»: Kiev flinched from the betrayal of «Naftogaz»

© RIA Novosti / Vitaly to Belowaverage in fotobounce oil and gas holding Naftogaz of Ukraine in Kiev«And you, Brutus?»: Kiev flinched from the betrayal of «Naftogaz»© RIA Novosti / Vitaly to Belowaverage the image Bank

The leadership of «Naftogaz» appealed to the court demanding compensation 6,634 billion hryvnia (about $ 238 million) for gas deliveries to the population. The company believes that you have suffered damage because of the inaction of the government, simply shift to «Naftogaz», all costs to maintain «fair prices» for fuel. Than this story will end for the Ukrainian economy and where does the Russian «Gazprom» — in the material RIA Novosti.

On a rainy day

It is obvious that Naftogaz tired of the machinations of official Kiev, and now his business strategy can be reduced to the formula «every man for himself».

So, this spring gas monopoly almost lost five billion that it owed to the company of businessman Rinat Akhmetov, owner of «Kyivenergo». On its balance sheet were CHPP-5 and CHPP-6 with a total capacity of 1,200 megawatts, supplying heat and hot water to all areas of the city on the right Bank of the Dnieper, and some to the left. As a result, 1 may, both CHP gave the new company «Kievteploenergo», whose representatives have declared that do not intend to pay the debts Akhmetov.

In «Naftogaz», in 2015, forced to hold down the value supply to the population of the fuel level recorded by the Cabinet of Ministers of Ukraine, sighed and shrugged, simply blocked the gate. As a result, almost all of Kiev were left without hot water for almost six months, until the authorities took the decision to return to the gas supplier of the debt.

Now «Naftogaz» has gone even further and demanded from the government compensation for the entire period during which they had to sell gas to the population is below market value.

«The Cabinet may require market participants to sell the gas only if compensation was provided to cover losses compared to option, when they sell gas by the principle of free trade,» said chief Executive officer of Naftogaz Yuriy Vitrenko.

It is likely that the company is concerned about the consequences of the upcoming presidential elections. Poroshenko is almost guaranteed to go down, and the new Ukrainian government is likely to refuse to pay the debts of their predecessors.

Given that by the time the elections of the state Treasury of Ukraine is empty, this scenario is very likely. Get your money «Naftogaz» as soon as possible. And the only effective instrument of pressure on the Cabinet — the overlap of the valve. So the hot water of Ukrainian homes in the near future may again disappear for an indefinite period.

The key reason why «Naftogaz» came out openly against the Cabinet of Ministers, is that companies are increasingly less likely to win a lawsuit against the Russian «Gazprom» by 2.56 billion. This money could be saved by Naftogaz from bankruptcy.

In early November, the experts of the international rating Agency Fitch said that doubt in the prospects of the proceedings in the Stockholm arbitration. In addition, the Agency has assigned Eurobonds of the company a speculative rating of B-, which means that at the moment, «financial obligations are met, but the ability to continue payment depends on favourable market conditions.»

We will remind, in February the Stockholm arbitration court confirmed the right of «Naftogaz» on compensation for gas transit. After that, the representatives of the company went to the courts of the Netherlands and Switzerland demanding the arrest of local assets «Gazprom» the companies «Nord stream» and «Nord stream — 2».

Kiev officials were quick to present the news as an unequivocal victory over Moscow. In particular, the representative of the state Agency on energy efficiency and energy saving of Ukraine Maria Yakovleva said that due to these assets the country will reimburse the transit of Russian gas to Europe.

However, Yakovlev had forgotten that the arrest does not involve the transfer of these assets to Kiev and especially their sale to third parties.

In addition, 14 of June «Gazprom» has denied the information of the Ukrainian side, noting that the company’s lawyers in the appeal managed to achieve suspension of the implementation of «transit» solutions.