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Ukrtransnafta boosts net profit by 40.8% in 2017

Last year, Ukrtransnafta transported a total of 16.034 million tons of crude oil through pipelines.
14:35, 23 April 2018

TASS

The public joint-stock company Ukrtatnafta raised its net profit by 40.8% in percentage terms, or by $23.8 million in absolute terms over 2017. The corporation managed to achieve $83.2 million in net profit, Ukrtatnafta has informed, Interfax-Ukraine reports.

Related: Ukraine’s Agroliga completes construction of oil extraction plant

At the same time, the company increased its net revenue by 8.1% ($10.8 million), reaching a level of $145.7 million. The gross profit, on the other hand, climbed 6.8% and grew by $4.5 million, hence, standing at $70.9 million by the end of 2017.

Last year, Ukrtransnafta transported a total of 16.034 million tons of crude oil through pipelines. The figure includes 1.247 million tons of crude oil extracted within Ukraine, 850,000 tons of imported oil that was delivered to oil refineries inside the country, as well as 13.937 million tons in transit mode to oil refineries in European countries.

“The volume of transportation rose by 5.3% against the same period of the previous year. Such growth is linked to a larger volume of oil transit to member states of the European Union, which has added 0.8% (particularly, thanks to shipments towards the Czech Republic, where early 2016 repairs were made at a local refinery). Another explanation for this trend is the resumption of transportation of foreign oil to the Kremenchuk oil refinery in March of the previous year,” the corporation explained.

Related: Oil price hits record high, gasoline prices in Ukraine continue soaring

Ukrtransnafta, which is fully in the trust management of Naftogaz-Ukraine, is the operator of Ukraine’s national oil transportation system.

The trunk oil pipeline system operated by Ukrtransnafta, is made up of pipes between 159 mm and 1,220 mm wide. The pipeline system covers a total area of 4,767 km and is spread across 19 regions of the country. The system is capable of transmitting 114 million tons and of delivering some 56.3 million tons of oil to European customers.

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