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Ukraine wants to raise $5-6 billion from Naftogaz IPO
March 22, 2011 / 3:02 PM / 7 years ago

Ukraine wants to raise $5-6 billion from Naftogaz IPO

KIEV (Reuters) - Ukraine wants to raise between $5 billion and $6 billion by selling a minority stake in state energy firm Naftogaz on the stock market, Energy Minister Yuri Boiko said on Tuesday.

“We are deciding with our advisers now which stock exchange is best for the placement,” the Energy Ministry quoted him as saying in a statement.

“We plan to receive $5 to $6 billion ... that will be used to develop the company, to increase gas production in our country and to upgrade our gas shipping system.”

Boiko did not provide any further details.

Naftogaz Chief Executive Yevhen Bakulin said earlier this month the company, which both resells Russian gas in Ukraine and ships supplies onwards to Europe, planned an IPO around 2013.

Russia has suggested merging gas group Gazprom (GAZP.MM) with Naftogaz in a move that would give it control over Ukraine’s gas transmission network, but Kiev has so far rejected the idea.

Reporting by Pavel Polityuk; Writing by Olzhas Auyezov; Editing by David Holmes

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