Ukrnafta claims UAH 7.6 bln debt from Kolomoisky firms

Ukrainian oil giant Ukrnafta (UNAF UK) filed a court complaint in early July demanding repayment of UAH 7.59 bln in debt owed by five companies, the Ukrainian News agency reported on Aug. 1. The five companies (widely believed to be controlled by Igor Kolomosiky and Gennady Bogolyubov, the holders of a 40%-plus stake in Ukrnafta) failed to pay for crude oil bought from Ukrnafta in March-August 2015, according to the report. As a result of increased receivables in 2015, the oil company was not able to pay taxes in the amount of about UAH 11 bln last year. In March 2016, Ukrnafta’s CEO initiated a financial restructuring plan aimed at the repayment of the company’s tax debt within three years. This plan is going to be approved by the company’s shareholders at their Sept. 15 general meeting.

Alexander Paraschiy: The lawsuit is a logical step by Ukrnafta’s new top management and a wise attempt to distance itself from Kolomoisky and all of management’s wrongdoings of mid-2015. Meanwhile, we do not believe it will be very helpful for Ukrnafta to get the receivables. In our view, much will depend on the mutual agreement between Kolomoisky and the other key shareholder of Ukrnafta, Naftogaz (owning a 50%+1 share), which also owes a lot to the company. All in all, we expect to see more details on Ukrnafta’s tax restructuring plan, which should be revealed no later than Sept. 15.