June 14, 2018 / 3:15 PM / 2 months ago

Ukraine's Naftogaz assessing banks for Eurobond - sources

LONDON, June 14 (IFR) - Naftogaz has shortlisted a group of banks to lead manage a Eurobond offering, according to sources.

The Ukrainian natural gas company is yet to award the `mandate, according to the sources, who said that any deal will be denominated in US dollars.

State-owned Naftogaz is embroiled in a long-running legal dispute with Gazprom over payments, a consequence of the deterioration in relations between Russia and Ukraine.

A ruling by a Stockholm arbitration court in February was meant to conclude the battle.

But Naftogaz said Gazprom has not complied with the ruling, which obliged the Russian company to resume gas supplies to Ukraine at a market reflective price and to pay US$2.6bn.

On Thursday, Gazprom said it had won a temporary reprieve to suspend the Stockholm court decision on gas transit contracts.

The company said the appeals court ruling would prevent Naftogaz from trying to seize Gazprom’s property outside Russia.

The Ukrainian company, in turn, said the Swedish appeals court decision had been made without Naftogaz being heard, and that it would request that the decision be reversed. Naftogaz said it expected its request to be granted shortly. (Reporting by Robert Hogg, editing by Sudip Roy, Julian Baker)

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