27 August 2019, Tuesday, 18:52 190

Naftogaz To Pay Ukrnafta UAH 17.3 Billion For Debatable 2 Billion Cubic Meters Of Gas In 2019

Editor: Tetiana Herasimova

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The Naftogaz of Ukraine national joint-stock company is offering to envision UAH 17.3 billion in its financial plan to pay the money to the Ukrnafta, the largest Ukrainian oil-producing company, for the debatable 2.062 billion cubic meters of gas in 2019.

This follows from the explanatory note to the financial plan of Naftogaz for 2019, Ukrainian News Agency reports.

In compliance with the explanatory note, the implementation of the transaction will insignificantly affect the monetary flow of the company, but will lead to accrual of additional operating expenditures worth UAH 17.3 billion.

Besides, Naftogaz notes that the transaction might be conducted once it is approved by the Cabinet of Ministers of Ukraine.

As Ukrainian News Agency earlier reported, the board of the Naftogaz of Ukraine national joint-stock company has decided to return 2 billion cubic meters of gas to Ukrnafta.

At their extraordinary meeting on March 28, the Ukrnafta’s stockholders will consider signing of purchase and sale agreements with Naftogaz regarding 4.062 billion cubic meters of gas under the import parity formula.

The funds to be received will be used by Ukrnafta to in full redeem its debts to the state budget.

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.