Ukreximbank (Kyiv) and China Export and Credit Insurance Corporation (Sinosure) on April 17 signed a framework agreement on cooperation in Kyiv, a press release from the bank said. The agreement foresees that Sinosure will provide insurance support for those projects for the which applications were filed through Ukreximbank and contracts were concluded by Chinese enterprises in Ukraine. In particular, the matter concerns the implementation of construction projects in Ukraine and other countries, in which Ukreximbank is involved, as well as projects in the field of infrastructure, agriculture, energy, transportation, oil, gas and chemical industries.
The total limit of Sinosure financial insurance for use by Ukreximbank will be $500 million. The loan term will be set depending on the parameters of each contract and could reach 15 years, the report said.
“An agreement on cooperation for the first time signed between the Ukrainian bank and China Export and Credit Insurance Corporation is a landmark event, as it opens up great potential for expanding external financing channels for the key sectors of the national economy,” the press service of Ukreximbank said, citing chairman of the bank board Oleksandr Hrytsenko.
Sinosure is the official export credit agency of China, founded in 2001. Sinosure is the only state-financed insurance organization.
AGREEMENT, CHINA, COOPERATION, EXPORT-CREDIT, INSURANCE CORPORATION, UKREXIMBANK
One troy ounce=31.10 grams
Assets of insurance companies managed by the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) grew by 32.4% in 2018, to UAH 2.050 billion, according to a report of the commission that audited the operations of the bureau for 2018.
Of this amount, bank deposits in national currency amounted to UAH 1.661 billion, which is 65.5% more than a year earlier, in foreign currency – 323.6 million (a rise of 12.5%).
The share of deposits in total assets was 66.3%, while a year earlier it was 64.8%.
According to the report, the funds of the victims protection fund and the MTIBU insurance guarantee fund in 2018 were placed in the State Export-Import Bank of Ukraine (Ukreximbank, 6.6% of the total amount of funds placed), Oschadbank (23.9%), Ukrgasbank (28%) , UkrSibbank (0.2%), Credit Agricole Bank (5%), Kredobank (4.1%), OTP Bank (1.8%), Pravex Bank (5%), TAScombank (4.4%), and FUIB (2%).
In addition, the MTIBU manages the assets of insurers invested in local government bonds in national currency in the amount of UAH 203 million, which is 2.5 times more than in 2017, and 247.4 million in foreign currency (2.7 times more).
MTIBU members are 51 insurance companies.
Ukraine has updated the requirements to import of animals and livestock products, the press service of the State Service of Ukraine for Food Safety and Consumers’ Protection has reported.
According to the report, Ukraine introduces the principle of zoning, when the import of livestock products is allowed from some zones, if not the entire territory of the country is free from animal diseases. Also, the new rules provide for a smaller number of diagnostic studies of live animals on the territory of the exporting country, which will reduce the financial burden on the importing company.
In addition, the requirements for the food producer have been eliminated, so that raw materials originate exclusively from the territory of the exporting country, and new categories of products are added. In particular, the requirements for the import of gelatin, collagen, colostrum, frog legs, snails and another 33 products were set.
According to the press service of the food service, the Ministry of Agricultural Policy and Food approved the relevant resolution in November 2018, and the Justice Ministry registered it on April 4, 2019. The resolution comes into force six months after publication.
CONSUMERS' PROTECTION, FOOD SAFETY, IMPORT, LIVESTOCK PRODUCTS, REQUIREMENTS
JKX Oil&Gas with assets in Ukraine and Russia in the first quarter of 2019 reached average daily production of 9,907 boepd, which is 11.6% more than in the fourth quarter of 2018 and 13.2% more than in the first quarter of 2018.
The company reported on the London Stock Exchange on Wednesday that March 2019 monthly production of 10,200 boepd, strongly supported by the IG103 side track that has averaged 1,598 boepd in Q1 2019, is the highest monthly average group production since June 2016.
In Ukraine, production grew by 35.1% in Q1 2019 compared with Q4 2018, to 5,009 boepd, including a 37.6% rise in gas production, to 709,000 cubic meters a day, and a 23.8% rise in oil and condensate production, to 837 boepd.
Average price of gas in January-March 2019 in Ukraine fell by 21.6% on Q4 2018, to $269 per 1,000 cubic meters and the price of oil – by 28%, to $59 per barrel.
JKX said that the company held $10.5 million cash at March 31, 2019, after payment of $5.3 million principal and $0.7 million interest to the convertible bondholders in February. In addition to cash we are holding oil and gas inventory of approximately $4.8 million in value.
