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


Naftogaz Group, Ukraine’s state energy holding, saw net profits of 24.7 billion hryvnias (more than 925 million euros) 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 euros), with gross profits having risen  to 46.6 billion hryvnias (more than 1.7 billion euros).

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 euros).

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 per cent 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.