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26.7 27.25
Economy 2019-09-15T04:21:40+03:00
Ukrainian news
Naftogaz Decides To Return Disputable 2 Billion Cubic Meters Of Gas To Ukrnafta

Naftogaz Decides To Return Disputable 2 Billion Cubic Meters Of Gas To Ukrnafta

The board of the Naftogaz of Ukraine national joint-stock company has decided to return the disputable 2 billion cubic meters of gas to Ukrnafta, the largest Ukrainian oil-producing company.

Ukrainian News agency learnt this from a well-informed source aware of respective decision.

According to the source, the decision was taken at one of the latest meetings of the Naftogaz board, probably last week.

In compliance with unofficial information, Naftogaz will immediately buy out the gas transferred to Ukrnafta at current import prices.

The funds will be placed into a special account of Ukrnafta and their part will be used in full or partially for redemption of tax obligations of the company.

Board Chairperson of Naftogaz of Ukraine Andrii Kobolev has refused to comment on the matter.

As Ukrainian News Agency earlier reported, the shareholders of the Ukrnafta company, the largest oil producer in Ukraine, will consider conclusion of agreements on sale of 4.062 billion cubic meters of natural gas from the Naftogaz of Ukraine national energy company at a price to be determined via the Import Parity Price (IPP) formula at an extraordinary meeting scheduled for March 28.

The company is expecting its shareholders to approve the conclusion of three contracts for the purchase of natural gas at prices based on the IPP formula: 1.25 billion cubic meters, 750 million cubic meters, and 2.062 billion cubic meters of gas.

According to the Naftogaz of Ukraine national energy company, the items on the agenda of the Ukrnafta shareholders meeting include a number of proposals aimed at clearing the company's tax debt.

These proposals were submitted in implementation of Prime Minister Volodymyr Groysman’s instructions, which are aimed at resolving the situation involving the company’s tax debt.

According to Naftogaz of Ukraine, an option that is being proposed to the shareholders of Ukrnafta envisages signing agreements under which Naftogaz of Ukraine will purchase about 4 billion cubic meters of gas from Ukrnafta.

Ukrnafta will use the payment for this volume of gas exclusively for full payment of its debts to the state budget, including penalties.

On April 25, the stockholders of Ukrnafta, the largest Ukrainian oil-producing company, intend to consider paying 50% of the 2018 profit of the company as dividends.

The rest of the profit is planned for further development of the company.

It is also planned to set May 6, 2019 as the date for making the list of persons having the right to receive the dividends.

The dividends are to be paid between May 6 and October 25, 2019.

The dividends to the Naftogaz of Ukraine national joint-stock company are expected to be paid through channeling respective amount into the state budget before July 1, 2019.

In compliance with preliminary data, in 2018, Ukrnafta, the largest Ukrainian oil-producing company, boosted its net profit 65.1 times or by UAH 6.526 billion year over year to UAH 6.628 billion.

As at late 2018, the company's assets amounted to UAH 40.645 billion, long-term liabilities - UAH 2.272 billion, current liabilities - UAH 31.541 billion, and receivables - UAH 7.571 billion.

In compliance with the international financial reporting standards, for 2017, Ukrnafta reported the net profit of UAH 101.771 million.

In 2018, Ukrnafta boosted oil and gas condensate production by 5% to 1.4 million tons.

The 50%+1 share in the Ukrnafta belongs to Naftogaz of Ukraine national joint-stock company and two 13.6-percent stakes to each Littop Enterprises Limited and Bridgemont Ventures Limited, 12.9% to Bordo Management Limited; the 9.9% — to other companies.

The company operates 1,946 oil and 172 gas wells.

Ukrnafta also owns 537 filling stations in most of the regions of Ukraine.

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