“Privatovtsy” for the year was taken out of “Ukrnafta” more than 2 billion hryvnia

 

PJSC “Ukrnafta” at the end of 2017 fell short of 2.3 billion UAH of income from the sale of ammonia due to the difference in the actual sales price of the ammonia in the address of PJSC “DneprAzot” and its market value at the time of sale.

This is evidenced by the enkorr calculations based on financial statement data of “Ukrnafta” and quotations of ammonia production of PJSC “DneprAzot” Agency “Chem-Courier”.

On the basis of financial report of PJSC “Ukrnafta” for 2017, the company sold 533 thousand tons of ammonia for the sum of 2,783 billion. Thus, the average sale price was 5 221 UAH/t.

The sales price of ammonia varied depending on the quarter. For example, in the first quarter of 2017, the company sold 133,7 thousand tons of ammonia in the amount of 761,8 million (average price of 5 700 UAH/t), in the II quarter – 134,1 thousand tons for 871 million UAH (6 495 UAH/t), in the THIRD quarter – 128,7 thousand tonnes in 496,9 mln UAH (3 860 UAH/t), in IV quarter – 136,5 thousand tons for 653,3 million UAH (4 785 UAH/t).

Data on the volume of sales of ammonia from quarterly reports of Ukrnafta coincide with the production of ammonia at PJSC “DneprAzot” for the relevant periods according to the Agency “Chem-Courier”.

In 2017, monthly “DneprAzot” is made from 42.2 thousand tons (August) to 46.2 thousand tons (October) ammonia. Considering the average for the month quotes of ammonia on the basis of EXW Dneprodzerzhinsk published “Chem-Courier”, the market value of 533 thousand tons of ammonia amounted to 5,089 billion.

Thus the difference between the market price realized by the company of ammonia and actually received a parastatal company income from its sale, the loss of PJSC “Ukrnafta” in 2017 amounted to 2,306 billion.

The publication notes that the scheme of “Ukrnafta” for the production of ammonia is the following: the mining company since 2011 rents the shop of the synthesis of ammonia (the lease payment in 2017 amounted to 10 million UAH/month), to deliver its gas and shall pay for all costs associated with its production – small repairs, wages and the like.

Then ammonia is sold “DneprAzot” and sends it to the chemical companies further down the processing chain for the production of urea.

Since 2003, Ukrnafta controlled by the managers of the group “Privat”, which owns more than 43% of the shares of the company. “Dneproazot” also belongs to privatovtsy.

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