OREANDA-NEWS. December 30, 2009. The Cabinet of Ministers approved a decision to increase Naftogas Ukrainy charter fund by 50%, from UAH 12bn to UAH 36bn. This increase will be effected via an exchange of Naftogas additionally issued shares for the government bonds with maturities of between nine to 12 years. The Company will continue to be wholly owned by the Government of Ukraine.

Millennium Capital sees the purpose of this Naftogas charter fund increase as an action aimed at paying for the natural gas consumed in December 2009 (4bn cubic meters worth USD 0.8bn). Millennium Capital also considers this bonds issue to be indirectly financed by the NBU, which may result in a decrease of its international reserves by the above amount in January 2010.