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 ($m) 600 500
Coupon Rate (% p.a.) 7.125% 7.625%
Coupon Frequency A S/A
Maturity date 7/19/2026 11/8/2028
Ratings: Fitch/Moody`s/S&P C/—/— C/—/—
Market Price* ($) 84.00 75.50
Market YTM* 27.80% 19.60%
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

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.
Jul 17, 2025
| Oil & Gas

End-June natural gas stocks at 8.1 bcm, up from YTD low but down 19% y-o-y

The volume of natural gas in Ukraine’s underground storage reservoirs stood at 8.1 bcm at the end of June, up 20% m-o-m but still 19% below last year’s level. Gross gas inflows from abroad totaled 0.5 bcm in June (+4.4% m-o-m), bringing total inflows in 1H25 to 2.3 bcm — up sharply from just 0.7 bcm in 1H24. Re-exports of previously stored gas were minimal at just 5 million cubic meters in June (-76% m-o-m), with 1H25 re-exports totaling 0.3 bcm, down 82% y-o-y.
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