REUTERS

NJSC Naftogaz of Ukraine has said for the nine months its reported loss was UAH 17 billion (US$599 million), compared with a profit of UAH 12.9 billion (US$454.5 million) for the same period in 2019, excluding discontinued operations, reflecting lower demand and gas prices.

"Reported loss for the quarter was UAH 5.5 billion (US$193.8 million), compared with a loss of UAH 4.8 billion (US$169.1 million) for the third quarter of 2019, excluding discontinued operations. Compared to the previous quarter, the result was impacted by significantly lower gas prices and higher volumes of gas sold," as reported by the company's press service.

Read alsoNaftogaz to develop Black Sea gas fields on special termsIt is noted for the nine months, gas production was 10.7 bcm and 12 bcm of gas was sold.

Background

NJSC Naftogaz of Ukraine in January-March 2020 (Q1) posted UAH 3.2 billion (US$112.8 million) in net profit, which was 80% down year-over-year.

NJSC Naftogaz of Ukraine is the largest state-run vertically integrated oil and gas holding whose subsidiaries account for about 90% of oil and gas production in Ukraine. Naftogaz develops oil and gas fields, produces crude oil and natural gas. Its core business is also transportation and trade in fuel through its own network of filling stations.