18:19 04.02.2016

Fall in oil price below $33/barrel will be problem for Ukrnafta

1 min read
Fall in oil price below $33/barrel will be problem for Ukrnafta

PJSC Ukrnafta, the largest oil company in Ukraine, builds the budget for 2016 on the basis of the average price of Brent oil of $33 per barrel, Ukrnafta Board Chairman Mark Rollins has stated.

"At that price we maintain profitability, however almost at the breaking point," he told journalists in Kyiv.

"If the price falls below $33 for Brent oil [and Ukrnafta produces a little bit lower quality oil], this will be a problem," Rollins said.

Ukrnafta in January-September 2015 posted a net profit of UAH 4.062 billion, which is 5.3 times more than in the same period last year. Its net income for the first nine months of 2015 increased by 15.5%, to UAH 21.011 billion.

Naftogaz Ukrainy owns a 50% plus one share stake in Ukrnafta, a group of companies associated with the shareholders of PrivatBank holds about 42% of the shares.

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