Daily monitor

On June 24, 253.2 thsd mt of crude oil were sold at Resources Auction 118, which took place on the floor of the Ukrainian Interbank Currency Exchange.

Avantazh Corporation is initiating a private placement of 15% of its shares in Nov-Dec 2008.

Fitch Rating has assigned a BB- long term rating to the five-year USD denominated Ukrainian government bonds.

Ukrnafta [UNAF UZ, BUY] will attempt to convene an AGM today. The meeting’s extensive agenda includes the election of all governing bodies of the company, change of registrar, and profits distribution for 2006 and 2007.

Ukrnafta [UNAF UZ, BUY] plans to sell 240.1 thsd mt of oil and 6.8 thsd mt of gas condensate at the Ukrainian Energy resources Auction 118 on June 24. In comparison with the previous auction, the initial UAH price for Ukrnafta’s oil is the same, at UAH 2,600 per mt (USD 63.7 per bbl net of VAT using USD/UAH 4.64, up 3.2% from USD 61.7 per bbl).

The wholesale electricity price for July 2008, set by the National Electricity Regulatory Commission (NERC), increased 4.3% compared to June, reaching USD 70 per MWh.

The Cabinet of Ministers of Ukraine has prolonged the earlier-adopted reconstruction and modernization plan for gencos until 2020.

The NBU’s data on Ukraine’s foreign debt indicates that the whole country’s borrowings grew by USD 8 bln or 9.4% in 1Q08, up to USD 92.5 bln as of the end of March 2008.

On June 19, Zaporizhstal [ZPST UZ, Strong BUY] reported in an official press release on two details of the June 06 AGM.

Concern Galnaftogaz [GLNG UZ, Speculative BUY] increased the number of units in its highly profitable OKKO-branded network to 235, up 14 units from the last reported figure of 221. According to Ukrainian News, who cited the company’s press secretary, the total (branded and non-branded) number of units increased by 3 to 270.