Naftogaz of Ukraine to buy additional shares in five of its own CHPP for $120 mln

MOSCOW. July 15 (Interfax) - Ukraine's cabinet of ministers at a meeting on Friday instructed Naftogaz of Ukraine to buy additional issues of shares in five combined heat and power plants (CHPP) totaling about UAH 4.923 billion [over $120.4 million at the official exchange rate], Ukrainian media reported, citing Taras Melnichuk, a government representative in the Verkhovna Rada.

"JSC National Joint-Stock Company Naftogaz of Ukraine has been instructed to purchase ordinary registered shares in the Dnipro CHPP, Krivoi Rog CHPP, Kherson CHPP, and Odessa CHPP joint-stock companies, and in the Nikolayev CHPP private joint-stock company, for a total of UAH 4,923,294,000, in order to boost the equity capital of the CHPPs," Melnichuk posted on social media.

Melnichuk said that the decision should contribute to stabilizing the financial and economic activities of the respective enterprises, as well as improving the state of payments for natural gas, and renewing production capacities and the technical base.

As of spring 2024, Naftogaz owned 99.9895% of the shares in Odessa CHPP (equity capital of UAH 43,525,400); 99.9864% of the shares in Krivoi Rog CHPP (UAH 315.651 million); 99.9277% of the shares in Dnipro CHPP (UAH 25,409,711); 99.9123% of the shares in Nikolayev CHPP (UAH 62,513,200); and 99.8328% of the shares in Kherson CHPP (UAH 29,741,562).

The official exchange rate as on July 12, 2024, was UAH 40.88/$1.