OREANDA-NEWS. January 19, 2011. On Jan 20, Ukrnafta, a major Ukrainian oil and gas producer, will auction crude oil at the starting price of UAH 5,790 per ton (VAT inclusive), which is 20.1% higher than the starting price at the previous auction (Dec, 2010). The news was broken by the Ukrainian Interbank Currency Exchange on Jan 18.

Millennium Capital considers the news as POSITIVE for UNAF. The Verkhovna Rada of Ukraine has recently decreed that the starting prices of crude oil and gas condensate at auctions is to be based on the customs price of the crude oil determined by the State Customs Service less VAT, transport, and storage tariffs. If the entire volume of the oil offered now is sold out, the company will get UAH 941.5mn in revenue.