The Ukrainian state oil and gas company Neftegaz Ukrainy plans to transfer its $1.4-billion Eurobonds to the Russian gas giant Gazprom by July 1, 2003, Neftegaz Ukrainy CEO Yury Boiko told reporters. Last year, Neftegaz Ukrainy issued $1.4 billion worth of Eurobonds to pay off its debts to Gazprom. Gazprom is expected to supply 26 billion cubic meters of gas as payment for gas transit via Ukrainian territory this year, the Russia Journal reported.
For the time being, one needs to finish the construction of the section that is 100 kilometres long. On October 17, German Foreign Minister Heiko Maas said in an interview with RND that the project would be completed