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 2022 2024 2026
Issue Volume ($m) 335 600 500
Coupon Rate (% p.a.) 7.375% 7.125% 7.625%
Coupon Frequency S/A A S/A
Maturity date 7/19/2022 7/19/2024 11/8/2026
Ratings: Moody`s/S&P/Fitch -/-/B -/-/B -/-/B
Market Price* ($) 101.00 100.00 98.75
Market YTM* 5.92% 7.11% 7.93%
Spread over UST* 575 736 671
Note: *Based on bid price.
Year 2019 2020 2021E
Net Sales ($m) 5,883 *** ***
EBITDA ($m) 1,208 *** ***
Net Income ($m) 100 *** ***
EBIT Coverage Ratio (x) 10.29 *** ***
Net Debt/Equity (%) 15.5% *** ***

Latest news about Naftogaz Ukrainy

Oct 08, 2021
| Oil & Gas

Naftogaz receives UAH 27bn from gas transit operator

Naftogaz reportedly received UAH 27bn from the gas transit system operator OGTSU to continue gas imports
Sep 29, 2021
| Oil & Gas

Naftogaz — To receive UAH 47bn from gas transit operator

The government approved a compensation contract between Naftogaz and the gas transit system operator under which Naftogaz would receive two tranches of UAH 27bn ($1bn) in October and UAH 21bn ($0.8bn) by year-end as payment for the gas transit system assets it had unbundled in 2019.
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