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Ukraine’s biggest oil producer Ukrnafta reports on a threat of stoppage of oil and gas production dew to actions of the state company Ukrtransnafta, which suspended reception and transportation of the company’s oil, despite prepayment, according to Ukrnafta’s statement published today.
“Today, PJSC Ukrtransnafta suspended reception and transportation of the oil of PJSC Ukrnafta, with no explanation, despite prepayment for services,” says the company’s statement.
Ukrnafta also announced that it would be forced to stop the production of oil and gas from 24:00 Kyiv time on July 31, 2015, due to overstocking of reservoirs.
Ukrnafta noted that, it would lead to the termination of the contracted supply of oil to refineries, and may lead to irreversible technogenic consequences.
"Such gross violation of contractual obligations by Ukrtransnafta is an abuse of dominant position in the market and the anti-competitive activity," the company’s press service quoted Ukrnafta Deputy Chairman Volodymyr Pustovarov.
"It’s for the first time that Ukrnafta faces such situation. If PJSC Ukrtransnafta does not immediately resume fulfillment of contractual obligations, PJSC Ukrnafta will be forced to apply to the Commercial Court to protect its legitimate rights, resulting in PJSC Ukrtransnafta being obliged to compensate the significant losses of PJSC Ukrnafta and its counterparties," said Pustovarov.
Management of Ukrnafta requests the Chairman of the Board of Naftogaz Ukraine Andriy Kobolev and Minister of Energy and Coal Industry Volodymyr Demchyshyn to intervene and prevent a halt of oil and gas production.
As UNIAN reported earlier, on July 16, Ukrnafta filed a suit in a British court against Naftogaz, its shareholder, claiming breach of a shareholders agreement, according to head of Naftogaz Andriy Kobolev.
This March, Ukraine’s major energy holding Naftogaz published its financial report for 2012-2013, for the first time admitting that it had used 10 billion bcm of gas belonging to Ukrnafta. However, Naftogaz believes that it owes UAH 3.7 billion to Ukrnafta for the used gas.
In turn, Ihor Kolomoisky, member of the Ukrnafta’s supervisory board, claimed that the debt amounted to nearly UAH 50 billion.
UNIAN’s memo. Ukrnafta is Ukraine's leading oil and gas company. Ukrnafta’s share in the national annual oil and condensate production amounts to 68%; the corresponding share in natural gas is 11%.
Ukrnafta owns six regional production divisions (Okhtyrkanaftogas, Chernihivnaftogas, Poltavanaftogas, Dolynanaftogas, Nadvirnanaftogas, Boryslavnaftogas), three gas processing plants (based in Hnidyntsi, Kachanivka and Dolyna), as well as three drilling divisions (based in Dolyna, Okhtyrka and Pryluky), and a considerable number of other oilfield services units.
In addition, the company is one of Ukraine’s leading fuel retailers. It operates 563 wholly-owned gas stations under Ukrnafta brand with a presence in most regions of the country.
The company’s 50%+1 shares are owned by Naftogaz of Ukraine, a fully state-owned holding company.
Ukrnafta is listed on the Ukrainian Exchange (UX) in Kyiv. The company’s stock is included in the UX index, Ukraine’s most important equity benchmark. Level 1 ADRs representing Ukrnafta shares are listed on the Frankfurt Stock Exchange.