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The Ukrainian government has approved the 2006 budget for the national oil and gas company
The Ukrainian government has approved the 2006 budget for the national oil and gas company, a senior company executive said Wednesday. "The financial plan has been approved and will be published in the near future," said Alexander Bolkisev, the acting board chairman of Naftogaz Ukrainy. According to Bolkisev, the budget projects a consolidated income of 48 billion hryvna ($9.6 billion) with a cash deficit of 3.9 billion hryvna ($780 million). Investment will decline by 1.5 billion hryvna ($300 million) in 2006, Bolkisev said. The company's financial plan was approved under tight control of the Ukrainian Finance Ministry. As a result, the company's budget deficit for 2006 has been cut by 5 billion hryvna ($1 billion), Bolkisev said.
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