Gazprom and Naftogaz Ukrainy discuss Ukraine's gas debts

Gazprom Executive Board Chairman Alexei Miller and Yury Boiko, head of theNaftogaz Ukrainy company, announced the beginning of the procedure ofapproval of the program of debt restructuring by Russian ministries andagencies at a meeting in Moscow today, the Gazprom Press Service reported.The parties confirmed information that substantial progress in resolvingthis question had been achieved since the previous meeting. The heads ofthe Russian and Ukrainian companies also discussed the problem of pumpingRussian gas into underground reservoirs in Ukraine and questions of thetransit of Turkmenistan's gas. As it was reported earlier, the governments of Russia and Ukraine signed anagreement on the restructuring of the Ukrainian debts to Gazprom, whichenvisages postponing their repayment for 12 years. The agreement providesfor issuing of corporate Eurobonds by Naftogaz Ukrainy, totaling $1.4bn, tobe redeemed before 2013. The Eurobonds will be used for the repayment ofthe debt..

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