en.Wedoany.com Reported - Ukraine's state-owned oil and gas company Naftogaz has reached a preliminary agreement to restructure two Eurobonds totaling €1.2 billion (approximately $1.38 billion), which mature this year and in 2028 respectively. Russia's ongoing war continues to damage the country's energy infrastructure.

If approved, the €695 million ($802 million) Eurobond originally due on July 19, 2026, and the $584 million note originally due on November 8, 2028, will be extended to January 2032 and January 2033, respectively.

Chief Executive Officer Sergii Koretskyi stated in a press release that successfully completing the restructuring will give the company greater flexibility to allocate resources toward infrastructure restoration and heating season preparation.

Since 2025, Russia has intensified the scale and severity of attacks on Ukraine's energy sector, targeting gas and power generation facilities. Sergii Koretskyi said Russia launched over 229 attacks on the company's assets in 2025, exceeding the total of the previous three years combined. More than 170 attacks have been recorded in 2026.

Naftogaz restructured two notes originally due in 2024 and 2026 in July 2023. The company stated in the announcement that the agreement in principle is subject to approval by the company and the government.

Before the war with Russia, Ukraine met nearly all of its natural gas needs through domestic production, with facilities located in the Poltava region in central Ukraine and the Kharkiv region in the northeast. Naftogaz reported that its natural gas production fell from 14.7 billion cubic meters in 2024 to 13.3 billion cubic meters in 2025.

Koretskyi said the company was forced to import natural gas to compensate for losses in domestic production. Naftogaz stated that it imported approximately 5.7 billion cubic meters of natural gas in 2025 to ensure the sustainability of the 2025-2026 heating season. The company did not provide natural gas import data for 2024.

Ukraine purchases gas for the heating season in autumn and winter. According to the Ministry of Energy, the country must store 13 billion cubic meters of natural gas before the heating season begins. $1 = €0.8669.

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