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Ukraine’s national gas holding doubles profits in 1st half of 2019

Ukraine’s national gas holding doubles profits in 1st half of 2019

Kiev, September 26 - Neftegaz.RU. Naftogaz Group, Ukraine’s state energy holding, saw net profits of 24.7 billion hryvnias (more than 925 million EUR) during the first six months of this year, Interfax Ukraine has reported.

The company’s sales revenues during the January-June period were 130.9 billion hryvnias (4.9 billion EUR), with gross profits having risen  to 46.6 billion hryvnias (more than 1.7 billion EUR).

According to Naftogaz’s consolidated statements, the largest share of Ukrainian gas and oil sales went to Russia (39.8 billion hryvnias; 1.5 billion euros) and Europe (1.36 billion hryvnias; 51 million EUR).

Meanwhile, the Ukrainian press reported that the debts of Russian energy giant Gazprom to Naftogaz have grown to 2.54 billion euros since February 2018. The Russian company’s debts have increased by 10 % since it failed to comply with a decision of the Stockholm Arbitration Tribunal over gas contract dispute with the Ukrainian gas holding.

Naftogaz, which unites the biggest oil and gas enterprises in Ukraine, will undergo a process of unbundling in which a new company, the Main Gas Pipeline of Ukraine, will be responsible for operating Ukrainian gas transmission systems.