Oil and gas

The government of Ukraine has approved an increase of the statutory capital of the state-owned oil and gas monopoly Naftogaz Ukrayiny 4.4 times from UAH 5.56 bln (UAH 730.62 mln) to UAH 24.16 bln (USD 3.17 bln).

On May 26, 220.2 thsd mt of oil was sold at Auxiliary Resources Auction 129-D, which took place on the floor of the Ukrainian Interbank Currency Exchange. According to UICE’s official information, the average price of the oil was UAH 1,228 per mt (down 3.3% from the last large-volume auction, Auction 128, which took place on April 22), or USD 18.1 per bbl (excluding VAT, at USD/UAH 7.70, up 0.5%).

Naftogaz Ukrayiny (NAFTO), the state controlled oil and gas monopoly, has repaid a USD 200 mln loan to Standard Bank. The loan was taken in November 2005 at LIBOR+1.65%.

On April 22, 220.6 thsd mt of oil was sold at Resources Auction 128, which took place on the floor of the Ukrainian Interbank Currency Exchange.

The EGM of Ukrnafta [UNAF UZ, U/R], which was scheduled for today, did not take place because of the absence of the shareholders’ registry.

According to a press release issued by the Ministry of Industrial Policy of Ukraine, domestic nitrogen fertilizer producers may soon be able to import natural gas directly, bypassing Naftohaz of Ukraine.

On March 24, 405.0 thsd mt of oil was sold at Resources Auction 127, which took place on the floor of the Ukrainian Interbank Currency Exchange.

Concern Galnaftogaz [GLNG UZ, Speculative BUY] disclosed its non-consolidated UAS FY08 results.

On February 24, only 0.5 thsd mt of oil was sold at Resources Auction 126, which took place on the floor of the Ukrainian Interbank Currency Exchange. According to our source at the UICE, the average price of oil was UAH 1,502 per mt (down 28.5% from the last Auxiliary Auction 125-D on January 27), or USD 18.4 per bbl (excluding VAT, at USD/UAH 9.26, down 38.4%).

Ukrnafta [UNAF UZ, BUY] released its official preliminary FY08 financials on February 20.