Interfax reported that Ukrtatnafta which operates the Kremenchug oil refinery in Ukraine Poltava region saw net losses widen 42.9% to UAH 1.334 billion in 2009.

Net revenue rose 0.1% to UAH 11.443 billion and the gross loss widened 120% to UAH 1.003 billion. Net losses in the Q3 declined 11.8%YoY to UAH 487.421 million. Net revenue rose 110% to UAH 4.486 billion and the gross loss widened 60% to UAH 704.739 million.

It was reported earlier that Ukrtatnafta posted a net loss of UAH 934.059 million in 2008 compared with a net profit of UAH 470,000 in 2007. The Kremenchug refinery processed 3.189 million tonnes of crude oil in 2009, 17.7% more than in 2008. It has capacity to refine 18.62 million tonnes a year.

Shareholders of PrivatBank from Dnipropetrovsk have controlled Ukrtatnafta management since October 2007.

(Sourced from Interfax)