Today, PJSC Ukrnafta paid UAH 386 mln of tax to the State Budget of Ukraine on top of the previous amount of UAH 1.88 bln that the company has paid in the first 4 months of 2016.

Mark Rollins, Chairman of the Executive Board of PJSC Ukrnafta: “To increase cash flow, the new management has changed the company’s business model. In particular, we commenced restructuring and reforming our procurement and retail function, as well as initiated a new cost-cutting program. All the above-mentioned will help us not only pay all our current tax liabilities on time but will also significantly contribute to reducing our accumulated historical debt.”

At the same time, Ukrnafta prioritises tax payments over any investment after paying salaries to its 26 thousand employees and other essential expenses.

In April 2016, the company paid UAH 303 mln of tax payments to the State Budget, including UAH 98 mln of royalty payments.

In February 2016, the Management Board of PJSC Ukrnafta submitted a proposal to the Prime Minister of Ukraine to revise the royalty rate for oil and to peg it to current oil prices.

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