Ukrnafta will send $209 million in dividends to state budget for 2023

MOSCOW. Feb 29 (Interfax) - PJSC Ukrnafta transferred 3.9 billion hryvnia in dividends to the state budget as an advance payment based on its 2023 operating results, Ukrainian media reported, citing the company's director Sergey Koretsky.

"This is the first part. In total, more than UAH 8 billion ($209 million at the current rate) will be paid in accordance with the schedule. This is twice as much as the total for all of the past 10 years," he said.

Previously, the Cabinet of Ministers of Ukraine said they would require NJSC Naftogaz of Ukraine, JSC Ukrzaliznytsia, PJSC Ukrhydroenergo, JSC Ukrainian Energy Machines, PJSC Nizhnednestrovskaya HPP and JSC Ukrainian Defense Industry to transfer at least 50% of their dividends for the state's share for 2023 to the state budget in advance by March.

The Cabinet of Ministers also previously established a basic standard for the deduction of profits allocated for the payment of dividends for most enterprises with a state share based on 2023 results. For Ukrnafta, this standard is 30%, provided that 50% of the profit will be allocated to capital investments approved by the government in the company's financial plan for 2024.

Ukrnafta is the largest oil producing company in Ukraine and operates a national gas station chain consisting of 537 outlets, 456 of which are operational. The largest shareholder is NJSC Naftogaz of Ukraine with a share of 50% + 1 share.

The official exchange rate as of February 29 is 38.2 UAH/$1.