Page 11 - FSUOGM Week 05 2023

FSUOGM PERFORMANCE FSUOGM

Naftogaz Group has paid nearly

UAH100bn in taxes despite the war

UKRAINE UKRAINE’S oil and gas giant, Naftogaz, and its was made in line with OECD Principles of
subsidiaries paid nearly UAH100bn ($2.73bn) Corporate Governance and OECD Guidelines
The result comes in taxes last year, Interfax Ukraine reported on on Corporate Governance of State-Owned
despite the damage to January 30. Enterprises.
the company’s facilities This was a drop of UAH16bn compared to In the midst of a turbulent year, Naftogaz
and infrastructure. 2021. Nevertheless, the company remains one of defaulted on a $335mn redemption on July 26,
the largest taxpayers in the country despite the 2022, after the government ordered the com-
difficulties following Russia’s full-scale invasion pany not to pay in order to “preserve cash” to
and is leading Ukraine through a biting and toil- buy badly needed gas supplies for the winter.
some winter. The investors argued that the company was still
"Despite the full-scale war and the severe a profitable concern and had the cash to meet the
destruction of our infrastructure, we paid funds payment and so should have met its obligations.
to the budget in due time and in full. It was the CEO Oleksiy Chernyshov noted that Nafto-
most difficult year in the history of Ukraine, but gaz will come to an agreement on restructuring
we keep a reliable rear for our defenders and its debt with bondholders by the end of Janu-
bring our Victory," the company said. ary. Last year, the company managed to agree
The Ukrainian government appointed a new to the restructuring of Eurobonds maturing in
Supervisory Board for Naftogaz last week after a 2024 (€600mn), but negotiations continue over
protracted gap following the termination of the restructuring the issues of Eurobonds maturing
previous board in September 2021. The decision in 2022 ($350mn) and in 2026 ($500mn). ™

Week 05 01•February•2023 www. NEWSBASE .com P11