Economy 2020-11-21T04:01:26+02:00
Ukrainian news
Naftogaz Suffers UAH 18.7 Billion Loss For 9M - Ex-Executive Director Of Naftogaz Group Vitrenko

Naftogaz Suffers UAH 18.7 Billion Loss For 9M - Ex-Executive Director Of Naftogaz Group Vitrenko

Naftogaz, Naftogaz of Ukraine, loss, Yurii Vitrenko

In the first nine months of 2020, the Naftogaz of Ukraine national joint-stock company suffered a loss of UAH 18.7 billion.

The former executive director of the Naftogaz group Yurii Vitrenko announced this on Facebook, Ukrainian News Agency reports.

"UAH 18.7 billion is the loss of Naftogaz for the nine months of 2020, although for the same period of 2019 Naftogaz made a profit of UAH 19.9 billion? Such data on the reporting of Naftogaz as a separate legal entity my sources unofficially said to me," he wrote.

Vitrenko added that earlier, Naftogaz, explaining its losses, cited Shell as an example, which incurred losses allegedly due to lower prices for gas and oil.

At the same time, he stressed that following the results of nine months of 2020, Shell received USD 489 million in profit.

Vitrenko also added that the comparison with Shell was manipulative, since Naftogaz has a different income structure.

"I would also like to draw your attention to the fact that Naftogaz has not yet published or commented on its financial statements for nine months. Although the same Shell (Royal Dutch Shell) did this long ago. Like all other large public companies," Vitrenko summed up.

As Ukrainian News Agency earlier reported, in January-June 2020, the group of the Naftogaz of Ukraine national joint-stock company suffered a net loss of UAH 11.541 billion.

At the same time, the company associates the loss for six months with the negative EBITDA (profit before taxes, interest and depreciation) by the largest oil company Ukrnafta and the Commerce division in the amount of UAH 11.309 billion.

The Ministry of Finance forecasts a net loss of Naftogaz of Ukraine at UAH 21.739 billion in 2020-2023.

Naftogaz of Ukraine is a leading enterprise in the country's fuel and energy complex, which is engaged in exploration and development of fields, drilling, transportation and storage of oil and gas, as well as supplying gas to consumers.

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