It is reported that Ukrnafta a major Ukrainian oil and gas producer will auction crude oil at the starting price of UAH 5,790 per tonne which is 20.1% higher than the starting price at the previous auction.

According to Millennium Capital analyst “We consider the news as POSITIVE for UNAF. The Verkhovna Rada of Ukraine has recently decreed that the starting prices of crude oil and gas condensate at auctions is to be based on the customs price of the crude oil determined by the State Customs Service less VAT, transport, and storage tariffs. If the entire volume of the oil offered now is sold out, the company will get UAH 941.5 million in revenue.”

(Sourced from Millennium Capital)