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Naftogaz reported multi-million dollar losses. Photo: facebook.com
17,034 million UAH equaled a consolidated net loss of the Naftogaz group for January-September 2020 compared to a net profit of 21.31 billion UAH for the same period last year, Interfax-Ukraine reports.
“For the nine months of 2020, the loss amounted to UAH 17 billion compared to a gain of UAH 12.9 billion for the same period in 2019, excluding discontinued operations (gas transit transferred from January 1, 2020 to a separate company – Ed.), the reasons for which is lower demand and lower gas prices, “he said in the message.
According to him, in the third quarter of this year, Naftogaz’s net loss was 5.49 billion UAH, 61.8% more than in the third quarter of last year. The group clarified that if we exclude the gain from traffic right now in 2019, then the increase in loss will not be as significant: 14.6%.
“Cash flow from operating activities in the third quarter was 500 million UAH, compared to a negative operating cash flow of 12.6 billion UAH in the third quarter of 2019 (excluding discontinued operations). In nine months In an unfavorable environment, cash flow from operating activities amounted to UAH 16.1 billion, which is almost equal to the figure for the same period last year (UAH 16.9 billion), “he emphasized. Naftogaz.
The group points out that after the cancellation of special obligations (Public Service Obligations, PSO) as of August 1, 2020, Ukrainian consumers can freely switch natural gas supplier, and intermediaries supplying gas must pay for it in a manner timely.
In this sense, Naftogaz will stop accumulating debts from intermediaries and will compete for new consumers, however, the payments of part of the supplies sold before July 31, 2020 in terms of PSO remain past due, which caused the accrual of reserves of NPLs worth UAH 3.7 billion for nine months this year.
“Naftogaz of Ukraine” unites the largest oil and gas companies in the country. The group is a monopolist in the storage of natural gas in underground storage facilities and the transportation of oil by pipelines throughout the country.
Earlier, Strana wrote that Naftogaz would not change the price of gas for the population in December.
We also inform that Naftogaz is willing to pay 15 million euros for legal advice in a lawsuit against Slovakia.
