Naftogaz Ukrainy

State oil and gas monopoly Naftogaz Ukrainy controls 100% of oil and gas transportation and storage and most of oil and gas extraction in Ukraine. The company operates a gas transit system with 38,000 km of pipelines, capable of importing 290 bcm and exporting 178 bcm of gas annually (including 140 bcm to Europe). Naftogaz’s key assets include Ukrnafta (near-monopoly producer of oil in Ukraine); Ukrgazvydobuvannya (largest producer of gas and gas products); Chornomornaftogaz (offshore oil and gas producer); Ukrtransnafta (oil pipeline operator); and Ukrtransgaz (gas pipeline operator).
Year 2026 2028
Issue Volume ($m) 600 500
Coupon Rate (% p.a.) 7.125% 7.625%
Coupon Frequency A S/A
Maturity date 7/19/2026 11/8/2028
Ratings: Fitch/Moody`s/S&P C/—/— C/—/—
Market Price* ($) 86.50 79.00
Market YTM* 25.00% 17.80%
Spread over UST* - -
Note: *Based on bid price.
Year 2021 2022 2023
Net Sales ($m) 7,969 *** ***
EBITDA ($m) 1,792 *** ***
Net Income ($m) 441 *** ***
EBIT Coverage Ratio (x) 3.89 *** ***
Net Debt/Equity (%) 17.2% *** ***

Company Peers

Latest news about Naftogaz Ukrainy

Aug 14, 2025
| Oil & Gas

Naftogaz — Secures EUR 500m EU-guaranteed EBRD loan and over EUR 300m of additional financing

Naftogaz has secured a EUR 500m revolving loan from the EBRD to finance gas purchases, supported by an EU guarantee under the Ukraine Investment Framework (UIF), which covers 90% of the loan. The company did not disclose the loan terms. According to EBRD Alternate Board Director Artem Shevalev, the loan will be supplemented by a similarly structured loan of EUR 300m from the EIB and a new undisclosed grant from Norway.
Jul 24, 2025
| Oil & Gas

Naftogaz — Attracts domestic loans for gas imports

Naftogaz has secured a UAH 4.7bn ($104m) loan from Privatbank, Ukraine’s largest bank, and a similarly sized loan from another state-owned lender, Ukrgazbank, to finance natural gas imports for the upcoming heating season. The company did not disclose the loan terms.
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