Naftogaz Pays Record Profit Tax

State Naftogaz Ukrainy has paid a profit tax of hryvnia 13.3bn ($509mn) – the most that the government has received from a state company since Ukraine became independent of Russia – it said June 27. Naftogaz has also paid advance profits tax of hryvnia 2.4bn, it said.

CEO Andriy Kobolev said the company's overall profit of hryvnia 26.5bn was due to the work undertaken to reform the company and the country’s energy sector over the last three years.

“Today we are witnessing the first results of the reforms which are continuing to be realised despite the significant opposition. We have proved that the state sector of the economy can and must be efficient. The rejection of corruption, the transition to transparent business practices using best practices, our active work on external markets and the defence of Naftogaz’ interests in international courts all contributed to the positive financial result,” he said.

William Powell