Ukrnafta plans to cut expenditure due to price fall for oil

​Ukrnafta PJSC takes urgent measures so as to cut its operational expenditure due to the oil price fall.

All companies in our sector sharply cut the expenditure so as not only to stay in the market but to keep their potential. We should follow their example. Now the management looks for the ways for expenditure optimization for new projects. Meanwhile we work out a program of minimum which will allow to save the business, the head of Ukrnafta, M. Rollins, said.

Ukrnafta adds that in late 2015 the company worked out the project of the budget for 2016 based on the oil price range of $30-45/barrel. However, in January 2016 the world prices fell below $28/barrel, so the budget needs to be reconsidered.

The tax debt of Ukrnafta before the Government budget is 10.2 bln grivnas. The debts receivable before Ukrnafta exceed 18 bln grivnas.