Oil and gas

Ukrnafta [UNAF UZ, Strong BUY] plans to sell 208.1 thsd mt of oil and 4.5 thsd mt of gas condensate at the Ukrainian Energy resources Auction 120 on August 21. In comparison with the previous auction, the initial UAH price for Ukrnafta’s oil is the same, at UAH 2,600 per mt (USD 64.3 per bbl net of VAT using USD/UAH 4.6005).

On August 12, Concern Galnaftogaz [GLNG UZ, Speculative BUY] disclosed its selected consolidated UAS 1H08 results.

At its August 07 open meeting, the National Electricity Regulatory Commission (NERC) increased retail natural gas tariffs for the general population by 13.0-14.1%.

According to an official company press release, during June-July, Concern Galnaftogaz [GLNG UZ, Speculative BUY] expanded its network of branded OKKO stations by 13 units.

At the end of July, Concern Galnaftogaz [GLNG UZ, Speculative BUY] disclosed its UAS non-consolidated 1H08 results.

A shareholder of Ukrnafta [UNAF UZ, Strong BUY] with a stake of more than 10% announced another AGM for September 09.

Ukrnafta [UNAF UZ, Strong BUY] has released its official preliminary 1H08 financials on July 25.

On July 22, 239.8 thsd mt of crude oil were sold at Resources Auction 119, which took place on the floor of the Ukrainian Interbank Currency Exchange.

Ukrnafta [UNAF UZ, Strong BUY] plans to sell 226.8 thsd mt of oil and 7.3 thsd mt of gas condensate at the Ukrainian Energy resources Auction 119 on July 22.

The Supervisory Board of Naftohaz of Ukraine was replaced by the Cabinet of Ministers of Ukraine on July 16. For the past few years, CMU had controlled Naftohaz directly, and the old Supervisory Board members were not actively involved in overseeing the company.