LAW OF UKRAINE

of June 5, 2003 No. 911-IV

About cost depletion of unpaid amounts of natural gas

This Law determines legal and organizational basis of debt write-off of the companies of oil and gas complex, resulted from implementation in an inadequate way and not in full calculations of budgets of all levels for consumed natural gas and services in its transportation, heat energy and heatwater supply (on gas component).

This Law is directed to creation of conditions for stabilization of financial and economic condition of the companies of oil and gas complex to which substantial damages owing to untimely and not in full financings from budgets of all levels are caused: privileges, subsidies, difference in the price of natural gas and services in its transportation, heat energy and heatwater supply (on gas component), budgetary institutions and the organizations.

The purpose of this Law is implementation of mechanisms of debt write-off which will promote the prevention of bankruptcy of the companies of oil and gas complex for the circumstances which are not depending on them, improvement of their financial position.

Article 1. Determination of terms

In this Law terms are used in the following value:

the cost of unpaid amounts of natural gas is the debt for the consumed natural gas and services in its transportation connected with untimely and not in full payment by budgets of all levels of privileges, subsidies, differences in the price of natural gas and heat energy, heatwater supply (on gas component) and gas transportation services, financing of budgetary institutions and organizations and arisen for the period between date of consumption in 1995-1998 and the date of receipt of means for it and with change in the exchange rate of national monetary unit to US dollar for this period;

the companies of heat supply - the company of utility heat-and-power engineeering, boiler rooms of industrial enterprises and other boiler rooms releasing heat energy for needs of the population, budgetary institutions and the organizations which contained at the expense of budgets of all levels.

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