11:05 15.01.2020

Govt expands list of energy sector companies banned from being privatized

2 min read
Govt expands list of energy sector companies banned from being privatized

The Cabinet of Ministers of Ukraine has expanded a list of energy sector enterprises that are not subject to partial privatization and approved a list of facilities which will be banned from being privatized.

The government plans to consider the relevant bill on the list of state-owned enterprises (SOE) that are not subject to privatization at its meeting on Wednesday.

According to the revised bill, the text of which is available to Interfax-Ukraine, it is planned that the state retains at least 50% of the shares of NJSC Naftogaz Ukrainy, JSC Mahistralni Gazoprovody Ukrainy (MGU), JSC Ukrtransgaz, PJSC Ukrnafta, JSC Ukrgazvydobuvannia, JSC Ukrtransnafta, and JSC Chornomornaftogaz.

A list of facilities that are not fully subject to privatization is also proposed. It included National Nuclear Generating Company Energoatom, PJSC Ukrhydroenergo and PJSC national energy company Ukrenergo, as well as SOE Market Operator and the SOE Guaranteed Buyer.

According to the bill, if a decision is made to reduce the state's share in the share capital of a joint-stock company or if state unitary enterprises are transformed into joint-stock companies, a minimum of 50% is left to the state.

For comparison, according to the original version of the bill, which was considered at a government meeting on December 27, 2019, the list of facilities that are not subject to privatization did not include Ukrtransgaz, Ukrnafta, Ukrgazvydobuvannia, Ukrtransnafta, Chornomornaftogaz, and also it was not supposed to secure 100% of its corporate rights for the state.

According to this bill, the state was supposed to secure at least 50% of Naftogaz, Ukrhydroenergo, Ukrenergo and MGU, as well as at least 50% of Energoatom, Market Operator and Guaranteed Buyer in case of their conversion in joint-stock companies.

According to the explanatory note to the document, after the first consideration of the bill at a meeting of the Cabinet of Ministers on December 27, a conciliation meeting and a meeting of the government committee took place, as a result of which the lists underwent significant changes.

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