Tymoshenko said recently that she "intends" for gas to be paid ahead of time even as Naftohaz announces that payment may be delayed. Kyiv Posts reports that the company has a growing debt problem with the regional energy companies.
Now the company wants to change the deal, according to the Kyiv Post. The company wants to buy less gas this year, but the Russians say it can't be done under the contract. I'm not interested in the deal, but in the state of health of Nafohaz. This "hard won" deal is making things worse for a company that has struggled financially in good times, now that the economy is worse its no surprise that the company finds itself in this situation.
Naftogaz said last week it may run into arrears with Gazprom because of deep financial problems. Zemlyansky said Thursday that the company had raised enough money to pay Gazprom for February imports by the March 7 deadline.
The deal that ended January's gas dispute stipulates that Naftogaz will have to make advance payments for gas shipments if it runs up arrears _ a commitment the debt-laden company may be unable to fulfill.
Naftogaz has long been plagued by financial problems. It is struggling to stay afloat with over $4 billion in debt. It has twice narrowly averted technical default on its Eurobond obligations.
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