Ukrnafta Supervisory Board meeting results
Ukrnafta Supervisory Board meeting results

Yesterday, the Supervisory Board of Ukrnafta met to consider a number of urgent issues.

The issue from the previous meeting related to the restructuring of Ukrnafta’s three drilling units and create a single drilling unit was supported by the Supervisory Board.

The Supervisory Board supported the principles of management’s appeal to the Cabinet of Ministers of Ukraine to resolve the issue of crude oil sales by modifying the existing mechanism of oil auctions, in particular, allowing export sales of oil. The management will submit detailed proposals to the relevant government bodies for consideration and implementation in the near future.

The management submitted a new proposal for financial restructuring and repayment of the tax debts of the Company to the Supervisory Board. However, the review of this proposal was postponed to allow the management to consult with the State Fiscal Service of Ukraine concerning practicalities and legality of implementation.

The management of the company was also instructed by the supervisory board to evaluate the sale of major assets of the company as an alternative approach to meeting the tax obligations.


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