Gazprom hopes for settlement of Firtash debt situation
MOSCOW. June 9 (Interfax) - Gazprom is hopeful for a settlement in regard to the problem loans that Dmytro Firtash' Ostchem Holding owes to Gazprombank and which are guaranteed by Gazprom Export, but has no forecast for when that might happen.
"Certain questions have arisen with the owner that have yet to be settled," Gazprom Deputy CEO Alexander Medvedev told journalists.
"Under this deal, which was associated with injecting gas into underground storage, a situation where the loan was not repaid arose. We hope that the time will come, while the current generation of Ukrainians is still alive, when this will be settled. Because the gas was injected into underground storage and Ukraine's reputation was saved,"
Gazprom Exports, which provided guarantees on an $842.5 million Gazprombank loan to Ostchem, immediately set up a 100% reserve for that guarantee. The 47.407 billion rubles is listed in Gazprom's accounts as "reserves for future payments relating to financial guarantees." Creation of the reserve resulted in a huge - paper - loss for Gazprom Export.
"Gazprom Export is acting in accordance with the accounting rules in effect in Russia," Medvedev said.
Medvedev noted that at one point in Russian-Ukrainian gas relations, 8 billion cubic meters of gas "went missing" in Ukraine's underground storage facilities.