Today, the independent rating agency Credit-Rating announced that it has upgraded the long-term credit rating assigned to Pavlogradugol OJSC (the city of Pavlograd, Dnepropetrovsk Region) to uaBBB from uaB and the long-term credit rating assigned to the company’s registered coupon bonds (series A-Y) to uaBB from uaB.

The President of Ukraine, Viktor YUSHCHENKO, has cancelled by his decree the Resolution of the Government dated May 21, 2008 No.740-r On Termination of the Agreement between the Cabinet of Ministers of Ukraine and Vanco International Limited on Distribution of Hydrocarbons to be Produced in the Kerch Section of the Black Sea Continental Shelf.

Vanco Prykerchenska Ltd. (Virgin Islands) appreciates the decision of the Council for National Security and Defense of Ukraine regarding recognition of the legitimacy of the Production Sharing Agreement for Hydrocarbons to be extracted within the Prikerchinskaya field area of the continental shelf in the Black Sea, between the state of Ukraine, represented by the Cabinet of Ministers of Ukraine and Vanсo International Ltd., expressing its readiness to enter the negotiation process with the Cabinet.

Pavlogradugol, 23 June 2008. – The independent agency Credit-Rating has upgraded the long-term credit rating assigned to Pavlogradugol OJSC (incorporated into Donbass Fuel-Energy Company) to uaBBB. The rating outlook has been revised to stable.

Kiev, 29 May 2008. - Within the framework of the implementation of its development strategy, Donbass Fuel-Energy Company is interested in the diversification of raw material sources for thermal generation in Ukraine, particularly in the acquisition of promising coal companies outside Ukraine, which includes Russia.

Kiev, 19 May 2008. – Donbass Fuel-Energy Company has completed its debut internationally syndicated loan facility with the signing of a USD 150m term loan. The transaction has a maturity of two years with a one year extension option and carries a margin of 3% over LIBOR.

Donbass Fuel-Energy Company (DTEK) is a vertical integration of enterprises that build up an efficient production chain, from coal production to electric power generation and distribution. Mutually beneficial co-operation between coal mining enterprises and generating companies, introduction of advanced technologies, professional management and balanced social policy enable DTEK to be the leader in the fuel-energy market of Ukraine. Personnel of all levels and units of the Company are united into a powerful team. Over 50 000 people work at the enterprises located in Donetsk, Dnepropetrovsk and Lugansk Regions. DTEK’s development strategy for the forthcoming years foresees an increase in corporate governance efficiency, optimization of key business processes and the introduction of new technologies.


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