Ukraine is seeking to raise $12 billion from the restructuring and privatization of state oil and gas company Naftogaz. The restructuring, to be finalized by the end of 2011, will create funds that will be allocated to energy efficiency and intensification of gas extraction in the country.
The credit obligations of the company will be restructured accordingly. The government may list more than four newly created gas and oil companies through IPOs. The money raised will be used to implement energy-efficiency programs and to raise domestic gas production in Ukraine.
Click here for the release from PR Newswire.