Ukrnafta

The Ukraine produces less gas

In January 2017 the Ukraine reduced gas extraction by 0.5%.

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Ukrnafta forecasts oil extraction fall by 15% in 2017

Ukrnafta PJSC expects the fall of oil extraction by 15% in 2017.

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Ukrnafta intends to start oil production in the Sumy and Lvov regions

Ukrnafta" is going to start the oil production in the Sumy and Lvov regions at the end of 2016. This was reported by the Ukrnafta’s press centre.

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"Ukrnafta" breaks the commission contract with "Ukrtatnafta".

PJSC "Ukrnafta" had broken the commission agreement of itsown filling stations with PJSC "Ukrtatnafta" (the Kremenchug oil refinery), signed on April 30, 2015, a representative of one of the shareholders of "Ukrnafta" told the "LІGA.net" portal.
According to him, the contract was terminated more than a month ago. The source did not report other details.

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Supervisory Board of "Ukrnafta" supports the reorganization of the company.

The building NAK "Naftogaz of Ukraine" had held the meeting of the Supervisory Board of PJSC "Ukrnafta", where the company reorganization plan would be reviewed, a source in "Naftogaz" told OilNews. According to him, the co-owner of the "Privat" group and a member of the Supervisory Board Igor Kolomoiskiy is at the meeting.
In addition, the MP from the party "Samopomosch" Victoria Voytsitskaya attended the meeting, who as was reported to the Prosecutor General GSU started pre-trial investigation in the case of non-fulfillment of duties by the Chairman of the Supervisory Board of PJSC "Ukrnafta" Andrey Kobolev.

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In Q1, Ukrnafta reduced production of oil by 12%, gas by 15%

In January-March 2016, the largest oil company Ukrnafta reduced the oil production by 12.4% or 54 thousand tons to 381 thousand tons in comparison with the same period of 2015 (435 thousand tons), as well as reduced the production of gas by 14.6% or 57 million cubic meters to 333 million cubic meters as compared with the same period last year (390 million cubic meters), the company reports.

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In Q1 2016 net loss of Ukrnafta exceeded 500 mln grivnas

​In Q1 2016 Ukrnafta made a net loss of 510 mln grivnas against 1.95 bln grivnas of net profit in Q1 2015.
The net revenue of Ukrnafta in Q1 2016 fell by almost 4.86 bln grivnas against Q1 2015 to 3.12 bln grivnas, gross profit fell by 1.6 bln grivnas to 1.66 bln grivnas.
In 2015 Ukrnafta made a net loss of 4.9 bln grivnas, its debt reached 14 bln grivnas. Ukrnafta was in a critical financial state. As of January 1st 2016 the tax debt of Ukrnafta before the state budget reached 10.2 bln grivnas. As of the end of March the debt for rental payment rose to 12 bln grivnas.
According to the people’s delegate of the Ukraine, V. Voitsitskaya, this debt occurred as a consequence of money drawing out from Ukrnafta in the form of oil shipment without payment and advance payment for oil products to unfamiliar companies.

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The head of "Ukrnafta" states that current income is only enough to pay salaries and current taxes.

If PJSC "Ukrnafta" had paid the entire tax debt, the company would have gone bankrupt, the Chairman of the Board of PJSC "Ukrnafta" Mark Rollins states, commenting on the charges of the head of "Naftogaz" Andrey Kobolev in his address, RBK-Ukraine reports.
"If we tried to pay the tax debt, it would lead to the bankruptcy of the company ... Government of the Ukraine, as well as the fiscal authorities had information about tax debt, when I was appointed chairman of the company", - Rollins stated during a briefing.

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Ukrnafta starts restructing process

The process of restructuring of the company has started in the central office of Ukrnafta in order to increase the efficiency of the company and to optimize organizational processes. This was reported by the press centre of the company.
According to Ukrnafta, the restructuring aims to reduce bureaucracy and modernize processes, which in turn will reduce the number of inefficient operations, increase the speed of team interaction and decision-making.
The changes will affect the administrative apparatus units associated with hydrocarbon production and processing, procurement, labor protection, and so on.

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15 billion hrivnias of Ukrnafta’s debt may be waived to Igor Kolomoisky

In 2015, Igor Kolomoisky literally "bled dry" Ukrnafta, formed the tax debt to the country in the amount of more than 10 billion hryvnias.
According to director of Consulting Group A-95 Sergei Kuyun, in March and August 2015, 15.4 billion hryvnias were transferred from Ukrnafta to structures of Privat, and the visit of Kolomoisky to Kiev on the eve of the layoffs of Yatseniuk from the post of Prime Minister, expected by many people, is likely all means preparation for the implementation of the repeatedly proven method of the oligarch.
Its essence is that official who has, by and large, nothing to lose, can easily sign a previously unacceptable paper, receiving operational support or good "severance pay", says Kuyun.

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