OREANDA-NEWS. June 23, 2010. Ukrnafta, the largest crude oil producer in Ukraine, sold 215 kt of crude oil at the price of 71.74 USD /bbl

through the auction held on June 22, the Ukrainian Stock Exchange (URSE) reported June 22. The company managed to dispose of 98% of the crude oil put up for sale at the auction.

Millennium Capital: the news is positive for Ukrnafta. The company managed to sell its oil at the price close to the Brent crude quotes through two consecutive auctions (May 31 and June 22).  This takes on the appearance of a turning point in the company’s pricing practices, which used to be extremely distorted in the previous periods. Up until May 2010, Ukrnafta used to sell its oil at a 35% discount to Brent crude quotes on average.