KIEV, March 8 – Naftogaz Ukrayiny has held talks with Oschadbank on restructuring its UAH 22 billion debt through the issue of domestic bonds.

"The talks resulted in a mechanism for exchanging existing credits received by the company from Oschadbank in 2008-2009 to domestic unsecured bonds of Naftogaz Ukrayiny," reads a document issued by the state-owned holding.

The holding said that this would allow the company to cut its expenses on servicing debts by over UAH 300 million every year and increase the average term for their payment from one year to ten years, setting a more convenient schedule for their depreciation: in equal parts every quarter starting from 2015.