KIEV, Nov. 18 – Naftogaz Ukrainy’s deficit in 2010 may hit UAH 15 billion, reads a draft memorandum by the Ukrainian authorities seeking the second tranche of a loan from the International Monetary Fund.

The text of the document was posted on the Ekonomichna Pravda online newspaper.

"Naftogaz's financial position has improved in 2010, however, it lags behind our targets, and its deficit is likely to reach UAH 15 billion," reads the memorandum. "This reflects lower volumes of [natural] gas sales and the lack of adjustment in utility tariffs to end users, which in turn reduced gas payment compliance from utility companies to Naftogaz."