Ukrnafta to put 320,000 tonnes of oil up for sale at first auction in 2019

12:57, 16.01.2019 1 min read

PJSC Ukrnafta will put 319,637 tonnes of oil up for sale on January 16, 2019 on the Ukrainian Interbank Currency Exchange (UICE), the UICE has reported on its website.

The starting price of oil is UAH 13,622 per tonne (VAT included), which is almost 7% less than the prices at the previous auction failed to take place (UAH 14,639 per tonne) with unsold 212,500 tonnes of oil.

The amount of 319,637 is around 225 of the total production level of Ukrnafta for 2018.

The sale of Ukrainian oil and gas condensate at an exchange auction is mandatory if the controlling stake of the producer is owned by the state or it works on the terms of joint activities with the state-owned company.

NJSC Naftogaz Ukrainy owns 50% and one share of Ukrnafta, and a group of companies associated with former shareholders of PrivatBank – about 42% of the shares.