Naftogaz paid UAH 121.4B to state budget in 2019 – annual report

NJSC Naftogaz of Ukraine released its annual report for 2019, which was prepared in line with GRI standards, according to the Integrated Communications Department of Naftogaz.

"In 2019, Naftogaz Group again was the biggest source of revenue to the state budget. The group paid UAH 121.4 billion of taxes and dividends to the state and local budgets, which equalled about 16% of revenues," reads the report posted on the company’s website.

In 2019, Naftogaz generated the largest profit among state-owned companies in Ukraine - UAH 50.6 billion. Of this amount, 95% was transferred to the state budget as dividends.

“Naftogaz has also fulfilled its role in protecting Ukraine's energy security. Despite difficult negotiations with Gazprom, TSO unbundling and possible interruption of transit from January 1, 2020, the group prepared the gas transmission system for the winter and possible crisis,” reads the report.

In 2019, the company raised nearly USD 1.5 billion through Eurobonds, which helped accumulate sufficient gas volumes for sustainable gas and heat supply to Ukrainian customers even in case of the possible termination of gas transit.

The company also stated that the wholesale gas price for the needs of Ukrainian households decreased by 25% in 2019 due to the successful integration of the Ukrainian with the EU gas market.

Among other achievements in 2019, the company named proper and prompt TSO unbundling as well as successful negotiations with Russia and Gazprom, which resulted in a new transit contract. Ukraine will receive at least USD 7.2 billion of guaranteed revenue under this contract within the next five years. Naftogaz also obtained more than USD 2.9 billion of compensation paid by Gazprom under the Stockholm Arbitration Awards.

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