Ukrnafta, under state management, has doubled its financial performance.

Ukrnafta, a state natural gas extracting company, generated ₴95B ($2.6B) in revenue during the first year of operation under state control. This is more than twice the average rate from the last ten years, said the GM of the company, Serhiy Koretskyi.

According to him, this is not related to the increase in oil prices but was achieved due to transparent market work without intermediaries. The company’s net profit currently exceeds ₴20B. “For comparison, the cumulative result for the previous 10 years is that the company had billions in losses,” Koretskyi emphasized.

In 2023, the company plans to pay ₴27B in taxes, including about ₴5B in income tax.  Accordingly, this year alone, the company will transfer 400% more funds to the state budget than was the average during 2012-2021. The company is also preparing to pay at least ₴6B in dividends to the state based on 2023’s results, which is more than the total result from the last 10 years.