Naftogaz to finance social program in Ukraine's Donbas – Cabinet

REUTERS Ukrainian Prime Minister Denys Shmyhal says the Cabinet of Ministers has supported the issuance of an order on the program to improve energy security in the government-controlled parts of Donetsk and Luhansk regions, the financing of which may be undertaken by the National Joint-Stock Company Naftogaz of Ukraine. Read alsoNaftogaz expects arbitration ruling on lost Crimea assets in 2020 The relevant decision was made at a government meeting on July 15. "This refers to a social and charitable program to improve energy security there," Shmyhal said. "The program will allow installing small-scale photovoltaic systems in schools, hospitals, kindergartens and other social infrastructure facilities," he added. Shmyhal says the government is counting on humanitarian assistance from Naftogaz. "We hope that the National Joint-Stock Company Naftogaz will support the government in this regard and will finance the relevant program in the form of a humanitarian action," the official said. UNIAN memo. 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. In late December 2019, Russia&#39;s Gazprom paid US$2.9 billion to Ukraine&#39;s Naftogaz under the Stockholm Arbitration&#39;s award. Naftogaz top managers then said that they plan to allocate about US$1 billion of the funds for the development of gas production. Naftogaz received UAH 63.3 billion (US$2.3 billion) in net profit in 2019, which was 4.5 times up against the figure posted in 2018.

Naftogaz to finance social program in Ukraine's Donbas – Cabinet

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