Chernomorneftegaz is billed – Naftogaz Ukrainy wants to return $1.2 billion

The largest industrial enterprise of Crimea Chernomorneftegaz has faced the first claims from the Ukraine. Naftogaz Ukrainy demands for $1.2 billion from its former subsidiary on account of loans, received in 2009-2012 that is comparable with the current assessment of the whole value of Chernomorneftegaz. But difficulties with the return of the debt can occur: The Crimean authorities have transferred property of Chernomorneftegaz to another legal body of the same name and they don’t think that they must pay the old debts.

On February 6th-7th, Naftogaz Ukrainy filed 8 actions against its subsidiary Chernomorneftegaz to the commercial court of the Crimea. According to the court, Naftogaz demands the return of interest-free loans, given in 2009-2012, to the total amount of 11.6 billion hryvnias ($1.2 billion). This money was mainly used for the purchase of two drilling rigs and drilling on the Crimean shelf. In turn, at the beginning of March Chernomorneftegaz went to the courts with a request to prolong the credits payment period till the end of 2014, but the court didn’t support this petition. Chernomorneftegaz and Naftogaz Ukrainy didn’t answer to the Kommersant’s inquiries. According to a source of the Kommersant in Chernomorneftegaz, the problem of loans is “long” and isn’t directly connected with the recent political events.