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Naftogaz CEO Says Ukraine Pushed It to Delay Bond Payments

  • Vitrenko apologizes to bondholders for “real mess” caused
  • CEO says military logic took over in approach to gas policy
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Ukraine’s state-owned energy firm NJSC Naftogaz Ukrainy was surprised by a government order to save cash for gas purchases and to ask the holders of roughly $1.4 billion of its bonds to delay debt payments, the company’s chief executive said.

“We didn’t expect that,” Chief Executive Officer Yuriy Vitrenko told Bloomberg in an interview in Kyiv on Thursday, referring to the government’s order. “We had been planning our finances in a way that would allow both to redeem Eurobonds and buy gas.”