Press releases
Regarding official crude oil auctions and the process of price formation

On 30 of November 2015, Ukrnafta’s Chairman of the Board Mark Rollins sent a letter to the Prime Minister of Ukraine Arseniy Yatsenyuk, bringing to his attention some important issues that arose in connection with the blocking of exchange auctions for the sale of energy commodities, as well as reviewing standards used by Auction Committee when setting the starting price for Ukrnafta’s oil.

Some media have reported that Mark Rollins requested re-instatement of the previous 15% discount. However this is not correct. The letter states “I am personally ready to take part in the development and discussion of an objective approach to calculating and setting the starting price for oil for the Company, in order to bring it in line with the current realities and state of affairs in the world oil market”. This offer is intended to initiate a review of the current mechanism for setting prices so as to ensure that the regular oil auctions function in the most effective way.

As a reminder, the current version of a Decree of the Cabinet of Ministers of Ukraine #570 dated 16 October 2014 resulted in two blocked exchange auctions in November, due to absence of customers.

For more information please contact press office: +38 044 239 14 93

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