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Ukraine's largest oil producer, Ukrnafta, supports the audit of its financial and economic activities by the Audit Commission, which should be established in accordance with the corporate law requirements, according to the company's press service.
The press service published the relevant statement on August 16 in response to a media information, referring to an anonymous source, that the company allegedly interferes with the inspection of its majority shareholder, the National Joint Stock Company Naftogaz of Ukraine.
"The Board of PJSC Ukrnafta supports the audit of its financial and economic activities by a properly formed Audit Commission. As of today, Ukrnafta has not yet received the commission's decision on the inspection," the report says.
Read alsoUkrnafta submits new bailout plan to State Fiscal Service for approval"There are no legal grounds for such an inspection to be carried out by the internal audit service of Naftogaz of Ukraine. Ukrnafta hopes these procedural moments will be quickly settled," the press service added.
As UNIAN reported earlier, Ukraine's largest oil producer, Ukrnafta, posted UAH 71.1 million, or US$2.7 million, in net profit in the first quarter of 2017 (Q1) against a net loss of UAH 510 million, or $19.3 million, year-over-year (y-o-y).
UNIAN memo. Ukrnafta is the largest state-owned oil and gas company in Ukraine. It accounts for about 70% of oil and condensate production, and 11% of gas extraction in the country. Ukrnafta is one of the key players in the retail market for petroleum products in Ukraine: the company owns more than 560 fuel filling stations throughout the country.
Ukrnafta's shares are listed on the Ukrainian Exchange (UX) and the PFTS Stock Exchange (Kyiv). Depositary receipts for company's shares are traded on the Frankfurt Stock Exchange.