Ukrneft deliberately loses profit on oil products

In July 2015 over 3.6 bln grivnas were artificially withdrawn from Ukrneft in the form of advance payments for oil products produced by the Kremenchug oil refinery plant (controlled by Privat) ad they will hardly be returned to the company’s account, the national delegate, V. Voitsitskaya says.

In July 2015 the management of Ukrneft withdrew over 3.6 bln grivnas as advance payments for oil products for sale at the fuel stations via the enterprises of Privat that control the network of fuel stations, she writes.

As of Q4 2015 the companies-debtors don’t control the fuel stations any more, they had been replaced.

There is a high opportunity of not returning these funds to Ukrneft and the companies-debtors will disappear. In this situation to the debt of 8 bln grivnas for the sold to intermediaries oil at the auction in 2015 another 3.5 bln grivnas should be added which soon will be written off as a loss, V. Voitsitskaya says.