Interfax-Ukraine cited Mr Viktor Yanukovych Ukrainian President as saying that the losses on national joint-stock company Naftogaz Ukrainy balance sheet have come to almost USD 6 billion.

He said that "Naftogaz currently doesn't have a financial balance and Ukraine doesn't have USD 500 million monthly to cover the losses. This means that means that in 2010, even though we received a USD 100 discount according to the Kharkiv agreement worth USD 3 billion, we now have almost USD 6 billion in losses on Naftogaz balance sheet."

Mr Yanukovych added that these losses are a burden on Ukraine financial system and state debt which is, in fact the ruination of the country. He said that, by signing the gas supply agreement in 2009 with Russia, Ukraine received one of the highest gas price rates even in comparison with EU countries.

It was earlier reported that Naftogaz Ukrainy unconsolidated net profit for July-September 2011 according to Ukrainian accounting standards came to UAH 16.699 billion which is 630% more than the third quarter of 2010. Net revenues from sales of goods and services increased during this period by 19.7% to UAH 17.8948 billion.

The Ukrainian state holding posted UAH 17.18928 billion in net profit for January-September 2011 compared to UAH 1.4059 billion in net losses for the same period of 2010. At the same time, the company financial results for the first nine months of 2010 showed that it closed that period with UAH 680.21 million in net profit for the period.

(Sourced from Interfax-Ukraine)