Naftogaz posts profit of over UAH 20 bln – Ukraine PM

National Joint Stock Company Naftogaz of Ukraine posted a net profit of over UAH 20 billion from January to June 2016, without receiving compensation from the state budget for differences in gas prices and heating tariffs, Ukrainian Prime Minister Volodymyr Groysman wrote on Facebook.

”In 2016, for the first time since 2006, Naftogaz has not been provided with state support in the form of compensation for differences in prices and heating tariffs. In the first half of 2016, Naftogaz profits will exceed UAH 20 billion. Profits will mainly come from gas transit proceeds, which were previously ”eaten up” completely by low gas prices,” Groysman added.

The prime minister also noted that in recent years state budget funds provided to the company exceeded UAH 100 billion annually, which encouraged some company managers to develop criminal plans to defraud the company of these state funds.

This year, according to the prime minister, the state budget will see a significant contribution from Naftogaz, as the company plans to pay UAH 60 billion in taxes, which will not only ”cover in full funds necessary for the payments of subsidies to families in need, but will also finance other social payments,” Groysman emphasized.

Further, Naftogaz`s return to being profitable will open up possibilities for achieving Ukrainian energy independence by 2020, according to Groysman. 

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