15:46 03.08.2021

Ukrnafta receives over UAH 2.3 bln from restructured receivables – CEO

2 min read
Ukrnafta receives over UAH 2.3 bln from restructured receivables – CEO

PJSC Ukrnafta has already received more than UAH 2.3 billion from restructured accounts receivable for a total of about UAH 7 billion, the company's executive board chairman, Oleg Gez, said in an interview with Interfax-Ukraine.

"We have already received more than UAH 2.3 billion in one year and a half. All payments are going in accordance with the planned schedule. We began to receive interest from the moment of the conclusion of amicable agreements, which is important. And within several years we expect that the entire amount will be fully repaid. I think we work effectively with accounts receivable," he said.

According to Gez, when deciding on the conclusion of agreements on the restructuring of debts formed back in 2015 to Ukrnafta for the supplied oil, he was guided by the fact that many debtor companies did not have any significant assets.

"As for the benefits of restructuring for Ukrnafta, it was a very simple choice for me. Either try to get something or nothing. If a company does not have any significant assets that can be claimed, then it is much more expedient and efficient to try to collect debts through restructuring," Gez said.

As reported, accounts receivable for the supplied oil to Ukrnafta were formed in 2015. At the beginning of December 2019, the amount of debt was UAH 7.47 billion.

The restructuring envisaged repayment of the debt in installments over three to six years. The payment amount also included interest accrued on the outstanding balance after January 2020.

Ukrnafta is the largest oil company in the country. NJSC Naftogaz Ukrainy owns 50% plus one share in Ukrnafta, and a group of companies associated with the former shareholders of PrivatBank – about 42% of shares. Ukrnafta has 25 drilling rigs, 1,891 oil and 162 gas wells .The company owns 537 filling stations.

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