The CEO of Naftogaz, Yuriy Vitrenko, raises the possibility of resigning. He says that if he were to make such a decision, it would be in the company’s favor.
In fact, his position as CEO of the company is under debate after the government openly criticized Naftogaz. The company allegedly did not process the debt restructuring request properly. This would have put a strain on Ukraine’s finances, which are already in a complicated situation.
Naftogaz faces successive refusals
To date, the company has been unable to obtain a payment freeze from its creditors. This request was made in parallel with the request to restructure its debt, which was also refused.
This situation is due to the successive rejections of Naftogaz’s requests. In this sense, its creditors have refused to defer the payment of the debt on the 2022 bonds for two years. As a result, the Ukrainian state-owned company is in default.
Y. Vitrenko declares his willingness to help the company. As a result, he says that if his resignation would allow a change in investor decisions, he would leave.
However, he expresses his doubts that investors would not be influenced by his position. Furthermore, he is convinced that they know that the request for restructuring comes from the state through the company. Thus confirming the government’s need for funds to finance the war.
According to the CEO of Naftogaz, Ukraine insisted that the payment freeze be requested. Indeed, the government was concerned that the company’s payment of the debt would undermine the restructuring application. This amounted to $20 billion in international bonds.
Despite his debated position, Y. Vitrenko assures that it would not be wise to remain indefinitely in default. Thus, it seems that Naftogaz is currently discussing solutions with the government to change its status.
