Public joint-stock company Ukrnafta would almost leave the market in 2019 if the company continues losing deposit use licenses, Ukrnafta Head Mark Rollins said at a roundtable in Kyiv on July 11.
“In two or three years Ukrnafta would almost leave the market [if the licenses are not extended],” he said.
Rollins said that if in 2016 company annual production totaled 1.518 million tonnes, with the loss of licenses in 2019 only 271,000 tonnes a year will be produced.
He recalled the position of Ukrnafta that the practice of non-extending the company’s licenses over tax debts by the State Agency for Geology and Deposits and is unlawful.
Ukrnafta is the country’s largest oil producer. Naftogaz Ukrainy owns a 50 percent plus one share stake in Ukrnafta. A group of companies associated with the former shareholders of PrivatBank holds about 42 percent of the shares.
