During May-July 2020, Ukrnafta received over UAH 250 mln due to the repayment of receivables for oil delivered in 2015. Starting from December 2019, the total amount of the debt repaid was almost UAH 1 bln.
This was done within the restructuring plan for accounts receivable under Ukrnafta's agreements with Techtrade Group LLC, Garant-UTN LLC, Galnafta LLC, Prykarpattyaftrotrade Trade LLC and Kotlas LLC. Settlement agreements were approved by the courts which confirms their compliance with current legislation.
The restructuring involves repayment of the debt in installments within 3-6 years. The payment will also include interests accrued on the outstanding balance after January 2020. As of the beginning of December 2019, the debt amounted to UAH 7.47 billion.
Note: Accounts receivable for oil delivered was generated in 2015. To recover overdue receivables, in July 2016, Ukrnafta filed 6 lawsuits totaling UAH 7.6 billion. In 5 lawsuits, the courts ruled in favor of the company.