Business news from Ukraine


KYIV. Sept 12 (Interfax-Ukraine) – International audit company Deloitte has published Central Europe Top 500 ranking of largest companies, including 29 Ukrainian companies.

According to a presentation posted on Deloitte’s website, the companies were ranked based on their FY2015 consolidated revenues.

Metinvest entered Top 100 with annual revenues of EUR 6.926 being 13th (a year ago it was sixth). Naftogaz Ukrainy with revenue of EUR 5.376 billion is 15th (17th), Energomarket with EUR 4.481 billion – 23rd (14th), DTEK with EUR 3.907 billion – 29th (13th), Ukrzaliznytsia with EUR 2.463 billion – 54th (was not in ranking in 2015), Kernel with EUR 1.949 billion climbed from 89th to 78th, ArcelorMittal Kryvyi Rih with EUR 1.895 billion descended from 59th to 82nd and Fozzy Group with EUR 1.662 billion from 73rd to 95th.

ATB-market with EUR 1.581 billion and Tedis Ukraine with EUR 1.545 billion were 101st and 102nd.

WOG with EUR 1.4 billion is 124th, Energoatom with EUR 1.348 billion is 130th, Zaporizhstal with EUR 1.293 billion is 138th, Ukrnafta with EUR 1.178 billion is 159th, MHP with EUR 1.058 billion is 189th, Ukrtatnafta with EUR 1.05 billion is 190th, Galnaftogaz with EUR 927 million is 225th, Bunge Ukraine with EUR 882.3 million is 241st, Ferrexpo with EUR 859 million is 247th, Ukrlandfarming with EUR 838 million is 257th and Epicenter K with EUR 775 million is 280th.

Nibulon with EUR 733 million is 301st, BaDM with EUR 729 million is 305th, Motor Sich with EUR 566.5 million is 403rd, Interpipe with EUR 560 million is 409th, Kyivstar with EUR 552 million is 415th, UIA with EUR 538 million is 427th, Optima Pharm with EUR 533million is 434th and State Food-Grain Corporation with EUR 508 million is 461st.

Deloitte said that the results of the 2015 ranking of the 500 largest companies demonstrate that the majority of countries in CE saw an increase in the rate of their economic growth. The only country whose economy declined in 2015 was Ukraine.


KYIV. Sept 12 (Interfax-Ukraine) – The existing model of economic development of Ukraine has run out of steam and requires urgent replacement, one of the founders of the Ukrainian Business Initiative Serhiy Taruta said at the 26th Economic Forum in Krynica (Poland).

“The main mistake during defining the economic strategy for further Ukraine’s development is an attempt to conduct reforms without radical changing the existing economic development model. The course of stabilizing the economy is pointless without changing the system. Only a splash economic growth can save Ukraine. There are opportunities for this growth,” he said.

The European Union (EU) could help Ukraine to implement a plan to restore the economy in 2017-2030 on the basis of re-industrialization and a broad application of innovations. The implementation of the plan would allow Ukraine to reach GDP of around $500 billion by 2030.

According to some economists, the successful realization of the new economic growth model would require only around $250 billion of foreign direct investment (FDI) or some $16.5 billion a year.

“This figure for investment looks realistic. Ukraine must draft a strategy for which Europe would be ready to provide an investment resource. This must be an action plan acceptable for European administrations and business structures. We want Europeans to participate first in the examination of the strategy and then supervise its implementation,” Taruta said.


KYIV. Sept 12 (Interfax-Ukraine) – Public joint-stock company Ukrtransgaz has signed a memorandum of cooperation with gas transport system (GTS) operators of Greece (DESFA S.A.), Bulgaria (Bulgartransgaz EAD) and Romania (Ngtc Transgaz S.A.) in Hungary.

The press service of Ukrtransgaz reported on September 9 that the signing of the memo was a result of a meeting of the Central and South-Eastern European Gas Connectivity (CESEC) High Level Group in Budapest.

“The document concerns the action plan enabling to create a gas transport corridor operating in two modes,” the company said.


KYIV. Sept 12 (Interfax-Ukraine) – The 13th Annual Meeting of the Yalta European Strategy (YES) “The World, Europe and Ukraine: storms of changes”, organized by the international civil platform YES, in partnership with the Victor Pinchuk Foundation, will be held in Kyiv on September 15-17.

“The annexation and the war in the heart of Europe have broken the basic international rules. Ukraine has found itself in the center of a “global storm”, but if its initial causes are not removed, it will sooner or later reach everyone. I hope that our western partners realize why our country should remain their priority: without solving the Ukrainian issue, European issues will not be solved,” the founder and member of the Board of the Yalta European Strategy, Victor Pinchuk said in a Thursday press release of YES

The chairman of the YES Board, President of Poland (1997-2007) Alexander Kwasniewski said that Ukraine’s future may be discussed only in the global context and it is not possible any more to talk about the future of the modern world without a debate on Ukraine.

“Ukraine is a test for us all, a test of our commitment to the fundamental values such as freedom of nations, the right of states to sovereignty, peaceful coexistence,” he said.

According to the press release, the plenary sessions and special sections of the forum will take place at the Mystetsky Arsenal museum and cultural center. More than 350 prominent politicians, diplomats, businessmen, civil activists and experts from 20 countries of the world will take part in the work of the forum.

The key topics of the 13th Annual Meeting include possible implications of the forthcoming presidential election in the United States; issues that the united Europe is facing following the Brexit, refugee crisis and growth of populism in the politics; global threats of terrorism and radicalism, and the issue of social inequality and the ways to overcome it on the global scale.

The situation in Ukraine will occupy a particular place in the discussions: the participants will address the state of the reform process and transformations in the country, and what stands in their way, the issues of supporting the democratic development of Ukraine from the part of the West and the prospects for further development of the country. A special discussion will be focused on the relations between Russia and the West under the geopolitical circumstances that have changed.

Special partner of 13th Yalta European Strategy Annual Meeting is Metinvest belonged to Rinat Akhmetov. Other partners are Arawak Energy, Alfa-Bank (Ukraine), DCH Group and the International Renaissance Foundation.

Yalta European Strategy (YES) is the largest social institution of public diplomacy in Eastern Europe, providing an open and equal dialogue on global issues affecting the European Union, Ukraine, Russia and other countries. This non-partisan organization was established in 2004 by the Ukrainian businessman and public figure Victor Pinchuk.


ODESA. Sept 9 (Interfax-Ukraine) – Ukraine plans to attract ferry operators from Georgia, Azerbaijan and Turkey to solve the problems of downtime of transit goods, in particular at Illichivsk port (Odesa region, Infrastructure Minister Volodymyr Omelyan told reporters at a briefing in Odesa.

“We have held talks with a number of operators from Georgia, Azerbaijan, Turkey who are willing to come to Ukraine and provide such [ferry] services,” he said.

In addition, Omelyan highlighted the importance of development of the south transit direction (to China and the Persian Gulf) by ferry and rail.

He added he plans in the near future to set up a clear timetable for the passage of such trains in an amount of not less than one or two pairs per week.

The official noted his ministry continues to negotiate with colleagues from Georgia, Azerbaijan and other countries to achieve agreement on a through rate in the direction of China and the Persian Gulf.


KYIV. Sept 9 (Interfax-Ukraine) – Ukraine invites investors from Singapore to participate in joint infrastructure projects, Infrastructure Minister Volodymyr Omelian has said.

“Ukraine is open to strategic investors from Singapore. We would be happy to welcome large Singaporean companies operating in the field of sea ports and port infrastructure, traffic management, aviation, railway and bridges,” he said during a meeting with an adviser of at the Transport Ministry of Singapore Yap Ong Heng at the International Transport Conference “Integrated Transport Corridors Europe – Asia” in Odesa on Thursday, the ministry’s press service reported.

Omelian expressed his hope that a law on concessions will be passed by the end of the year, which will allow foreign companies to plan their work in infrastructure in Ukraine for up to 49 years.

According to him, seaports may become most attractive area for foreign business.

“We are open for investors into port infrastructure and companies operating ports,” the minister added.