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Economy 2019-08-15T04:38:46+03:00
Ukrainian news
Groysman: 90% Of Naftogaz's Profit Will Be Channeled To State Budget

Groysman: 90% Of Naftogaz's Profit Will Be Channeled To State Budget

Prime Minister of Ukraine Volodymyr Groysman says 90% of the profit of the Naftogaz of Ukraine national joint stock company will be channeled to the state budget.

He said this at a sitting of the Cabinet of Ministers, Ukrainian News Agency reports.

"We have made a decision that 90% of the profit of Naftogaz of Ukraine will be transferred to the state budget and from the budget will be used for the needs of Ukrainian citizens," he said.

As Ukrainian News Agency earlier reported, Naftogaz of Ukraine intends to change the model of gas price formation for industrial consumers.

In September 2018, the National Commission for State Regulation of Energy and Public Utility Services (Energy Commission) licensed the Naftogaz Teplo and Naftogaz Trading limited liability companies to perform business operations involving supply of natural gas.

The Naftogaz of Ukraine national energy group’s net profit increased by UAH 21.6 billion or 2.2-fold to UAH 39.449 billion in 2017, compared with 2016 (according to adjusted data, the group made a profit of UAH 17.849 billion in 2016).

The group’s sales revenue increased by 18% or UAH 34.714 billion to UAH 227.478 billion in 2017.

In particular, the group reported revenues of UAH 73.9 billion from transit of natural gas, UAH 18.1 billion from the sale of petroleum products, UAH 12.9 billion from the sale of oil and gas condensate, UAH 27.7 billion from domestic transportation of natural gas, UAH 54.3 billion from gas sales to households, UAH 22.8 billion from gas supplies to households, and UAH 3.6 billion from transit of crude oil.

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