Ukrnafta receives over UAH 2.3 bln from restructured receivables – CEO

PJSC Ukrnafta has already received more than UAH 2.3 billion from restructured accounts receivable for a total of about UAH 7 billion, the company's executive board chairman, Oleg Gez, said in an interview with Interfax-Ukraine.

"We have already received more than UAH 2.3 billion in one year and a half. All payments are going in accordance with the planned schedule. We began to receive interest from the moment of the conclusion of amicable agreements, which is important. And within several years we expect that the entire amount will be fully repaid. I think we work effectively with accounts receivable," he said.

According to Gez, when deciding on the conclusion of agreements on the restructuring of debts formed back in 2015 to Ukrnafta for the supplied oil, he was guided by the fact that many debtor companies did not have any significant assets.

"As for the benefits of restructuring for Ukrnafta, it was a very simple choice for me. Either try to get something or nothing. If a company does not have any significant assets that can be claimed, then it is much more expedient and efficient to try to collect debts through restructuring," Gez said.

As reported, accounts receivable for the supplied oil to Ukrnafta were formed in 2015. At the beginning of December 2019, the amount of debt was UAH 7.47 billion.

The restructuring envisaged repayment of the debt in installments over three to six years. The payment amount also included interest accrued on the outstanding balance after January 2020.

Ukrnafta is the largest oil company in the country. NJSC Naftogaz Ukrainy owns 50% plus one share in Ukrnafta, and a group of companies associated with the former shareholders of PrivatBank – about 42% of shares. Ukrnafta has 25 drilling rigs, 1,891 oil and 162 gas wells .The company owns 537 filling stations.

Interfax-Ukraine

News about recent political developments in Ukraine, key Ukrainian economic news and major current events in the CIS and the rest of the world.

https://en.interfax.com.ua/

Related news
Ukraine keeps tenth place in world pig iron production.

Ukraine keeps tenth place in world pig iron production.

In January-August 2021, Ukraine produced 14.48 million tonnes of pig iron, taking the tenth place in the world ranking of pig iron producers, Ukrinform reports with reference to the Ukrmetalurgprom Association.

UkrInform

Prime Minister's free trade hopes with U.S. are off the table

Prime Minister's free trade hopes with U.S. are off the table

President Biden has said his administration is not looking at trade talks at the moment. This is a massive blow for Prime Minister Boris Johnson, who heavily relied on a US-UK trade deal to boost Britain post Brexit. Sky's political editor, Beth R...

Alarms Ring Across City as Magnitude 6.0 Earthquake Strikes

Alarms Ring Across City as Magnitude 6.0 Earthquake Strikes

A magnitude 6.0 earthquake struck near Melbourne, Wednesday, September 22, Geoscience Australia said, one of the country's biggest quakes on record, causing damage to buildings in the country's second-largest city and sending tremors throughout ne...

Are high gas prices a good thing for climate change?.

Are high gas prices a good thing for climate change?.

Households are facing higher energy bills after wholesale gas prices soared by 250% since the beginning of the year. But are these high gas prices actually good for the climate? Climate justice activist Mikaela Loach says there's a "huge opportuni...

Joe Biden promises to ship another half billion vaccines globally.

Joe Biden promises to ship another half billion vaccines globally.

US President Joe Biden on Wednesday promised to buy 500 million more COVID-19 vaccine doses to donate to other countries as the U.S. comes under increasing pressure to share its supply with the rest of the world. The additional vaccines will bring...

Police and FBI resume search for Brian Laundrie as Gabby Petito case moves forward.

Police and FBI resume search for Brian Laundrie as Gabby Petito case moves forward.

Police and the FBI resumed efforts to find Brian Laundrie, the fiancé of Gabby Petito. Laundrie was named a "person of interest" after Petito was reported missing on September 11. Her body was found in a remote area near Wyoming's Grand Teton Nati...

Search and rescue expert talks challenges in the manhunt for Brian Laundrie.

Search and rescue expert talks challenges in the manhunt for Brian Laundrie.

Law enforcement agencies continue their search for Brian Laundrie, the fiancé of Gabby Petito and a person of interest in her disappearance, reports CBS News national correspondent Jericka Duncan. Authorities found Petito's body in Wyoming, and ru...