OREANDA-NEWS. September 08, 2011. The restructuring NAK “Naftogaz Ukraine” is planned to complete by the end of 2011 and the formed independent companies – “Ukrgasdobycha”, “Ukrtransgaz”, “Chernomorneftegaz”, “Ukrtransnafta” and several others - to privatize in 2012. This was stated by the Minister of Energy and Coal Industry of Ukraine Yuriy Boyko at a briefing in the Cabinet of Ministers.

According to Yuriy Boyko, privatization of these companies would be performed by the appearance of these companies on IPO or partial sale of shares through a stock exchange.

“The following year we offer these companies for privatization - either by IPO or by selling shares of packets through the International Finance Exchange. Our advisers are working over it, and we will build the most reasonable model for our oil and gas industry”, - the Minister told.

He has noticed that as a result of privatization will be received 10-12 billion dollars which one would be directed to energy efficiency programs and increase gas extraction in Ukraine.

“It will give us extra money in the amount of 10 to 12 billion dollars which one will be spent on system efficiency and increase gas production in our country”, - Yuriy Boyko reported.

Also, the Minister has stressed that restructuring process “Naftogaz Ukraine” envisions implementation of financial liabilities on repayment of credits.

“Reforming process includes some stages, maiden from them are negotiations with partners before which “Naftogaz Ukraine” has credit obligations, and demonstration of financial model by them as these financial liabilities will be closed down”, - Yuriy Boyko noted.

According to him, the restructuring of “Naftogaz Ukraine” made in connection with Ukraine's accession to the Treaty establishing the Energy Community for the adaptation of Ukrainian legislation to EU requirements in the energy sector.

 “On February 1st, 2011, Ukraine became the full-fledged member of the Energy Community. After that by the Verkhovna Rada the law has been passed about adapting of our legislation and our energy companies with European Union rules. The key here - allocation according to the third Energy Package EU, the function of transit, buying and selling of gas and till January 1st, 2012 this operation will be completed in our country”, - the Minister stressed.