DTEK plans to invest $120-130m in gas production in 2023, the company’s CEO Maxim Timchenko said. “This year we plan to invest $120-130 mln in production. 70% of these funds are for the development of new fields,” he said in an interview with Forbes Ukraine.
According to him, most of the company’s oil and gas assets have already passed peak production, the natural decline at operating wells is 15-18%.
“The only way to compensate for the decline is to develop new fields. This year we are starting to drill on recently purchased licenses… We plan to start drilling in the Mayorovskoye area in the fourth quarter of 2023,” Timchenko said.
The head of DTEK is convinced that Ukraine has huge prospects for gas production at a depth of 6000-7000 meters. “Thanks to the latest technologies, production at such depths is now paying off,” he specified.
Timchenko also said that at the end of 2022, DTEK’s enterprises produced 2 billion cubic meters of gas. At the same time, at the end of the year they had 0.6 billion cubic meters in underground storage facilities due to a drop in consumption and export ban, which led to liquidity problems throughout the first half of this year.
“But now Naftogaz has started buying back gas after all. I was skeptical about Naftogaz’s ability to buy back gas, but NAK has indeed entered the market and is actively buying back gas. Accordingly, we have liquidity, which allows us to fulfill our investment program,” he said.
At the same time, the head of DTEK believes that the authorities “need to discuss the topic of resuming Ukrainian gas exports with the market, because it has a significant impact on the development of Ukrainian gas production”.
As reported, the companies included in DTEK Naftogaz in November 2022 acquired at an open auction the right to develop two gas fields in the Poltava region: Mayorivska area for UAH 1.102 billion and Birkovsko-Zinkovska area for UAH 211 million.
“DTEK Naftogaz” in 2021 increased gas production by 12% (by 0.22 billion cubic meters) compared to 2020 – up to 2.06 billion cubic meters.
“DTEK was established in 2005 to manage the energy assets of Rinat Akhmetov’s System Capital Management (SCM) group.
Pharmacy sales in January-June 2023 increased by 19.4% compared to the same period of 2022 and amounted to almost UAH 84.127 billion.
According to a study by Business Credit, in physical terms, pharmacies sold 612.11 million packs in the first half of this year, which is 10% less than in January-June 2022.
According to the survey, the weighted average price of all goods of the pharmacy basket increased by almost a third (+33%) – up to UAH 137.44. At the same time, pharmacy sales of medicines in January-June 2023 increased to UAH 65.96 billion (+16.9%). The weighted average price of medicines amounted to UAH 153.8, which is 27.2% more than a year earlier. A total of 430.899 mln packs of medicines (-8.12%) were sold in the mentioned reporting period in the pharmacy network.
The report states that pharmacy sales of medical devices increased in the first half of 2023 by 9.83% – up to UAH 2.142 billion.
Among the leaders in terms of growth, in particular, mineral water, whose sales increased by 52.1% to UAH 432.537 million, and dietary supplements with an increase in sales by 51.17% to sales of January-June 2022, almost to UAH 8.453 billion.
At the same time, sales of products for parenteral administration of medicines decreased by 20% to UAH 230.483 mln.
Lawyers have paid 2.5m hryvnyas for the former deputy minister.
Former Deputy Minister of community development, territories and infrastructure of Ukraine Vasyl Lozinsky was released from custody on bail of UAH 2.5 million, as reported by journalist Tetyana Nikolayenko.
“Lawyers suddenly somewhere scraped for a bail of 2.5 million, and made it. And they did it just under the vacation of Judge Shkodin, who had favored Lozinsky before. That’s what automatic distribution of cases makes omnipotent. And friendship of relatives of the judge and the defendants of the case”, – she wrote.
We will remind, Lozinsky received a bribe for assistance in concluding contracts for the purchase of equipment and machinery at inflated prices. As wrote ZN.UA, we are talking about the purchase of generators. Against this background, the Cabinet of Ministers of Ukraine dismissed Lozinsky from the post of Deputy Minister of Community Development, Territories and Infrastructure.
In addition, July 21, UAH 20 million bail for former MP Maxim Mykitasy, suspected of attempting to bribe the mayor of Dnipro.
The court also allowed Mikitas to go to Ivano-Frankivsk and Lviv regions from August 2 to 7 for family reasons.
The next hearing in the case of Mikitas is scheduled for August 4.
We will remind, in October, the judge appointed Mikitasy bail in 260 million UAH, but the appeal reduced it to 100 million UAH. Some time later, the bail was reduced to UAH 85 million, then to UAH 80 million, later to UAH 40 million and lastly to UAH 20 million.
The National Bank of Ukraine (NBU) on July 21 excluded from the State Register of Financial Institutions PJSC IC Kyivska Rus (Kyiv) in connection with the revocation of licenses for the provision of financial services, according to the regulator’s website.
As reported, the licenses were revoked on July 11, 2023 in connection with the insurer’s failure to submit reports for the year 2022, failure to submit information and documents at the request of the National Bank and the company’s failure to eliminate the identified violations in the time specified by the regulator (June 8, 2023).
According to the last submitted to the NBU statements of PJSC IC Kyivska Rus for the nine months of 2022, the amount of insurance payments amounted to UAH 85,4 mln, of which UAH 76,9 mln was transferred to reinsurance. The insurer has not made payments during the specified period.
Earlier, on May 8, 2023 the NBU has applied to IC ‘Kyivska Rus’ a measure of influence in the form of temporary suspension of licenses in connection with non-submission of reports for the first half of 2022 and for 2022, as well as actuarial report for 2022.
The company also did not submit the report on corporate governance and information on key risks and results of stress testing for 2022, did not provide information and documents at the request of the NBU.
Private JSC IC Kyivska Rus carries out activities on voluntary and compulsory types of insurance other than life insurance.
Export of important goods from Ukraine in Jan-March 2023 to 2022
Source: Open4Business.com.ua and experts.news
Agro-industrial group Ovostar Union, one of the leading producers of eggs and egg products in Ukraine, in the first half of 2023, despite a decrease in egg processing by 8%, increased sales of its main products by about 56.1% due to higher prices and increased sales of egg products.
According to the company’s report on the Warsaw Stock Exchange, the average price of eggs in January-June 2023 increased 67% year-on-year to $0.127/egg.
Egg sales fell 11.6% to 478 million eggs, while export egg sales jumped 62.5% to 208 million eggs and the share of exports in this segment rose from 24% to 43%, the document said.
According to it, the volume of egg processing in the first half of 2023 decreased by 1% to 213 million pieces: the company reduced production of dry egg products by 26.1% to 1,050 tons, but increased production of liquid ones by 31.3% to 6,232 tons.
At the same time, sales of dry egg products increased by 57.7% to 1,219 tons, while sales of liquid products increased by 33.8% to 6,083 tons.
Exports of dried egg products jumped 106.6% to 878 tons, while exports of liquid products jumped 50.8% to 2,801 tons, bringing their share of sales in these segments to 72% from 55% and 46% from 41%, respectively.
The average price of dry egg products increased by 10% to $8.78/kg, while the average price of liquid egg products increased by 39% to $2.55/kg.
It is noted that overall, Ovostar reduced egg production in the first half of 2023 by 8% against the first half of 2022 to 732 million eggs, but the number of hens increased by 16.6% to 7.3 million in the year to June 30, including laying hens up 5.8% to 6.54 million.
“Production and sales plans have been aligned with current market conditions both in Ukraine and abroad, resulting in a reasonable balance between local and export revenues. Overall, the administration is pleased with the group’s operating performance for the first six months of the year,” the release quotes a comment from the company’s CEO Boris Belikov.
He noted that in the first half of 2023, the group continued to operate in a business environment affected by the ongoing Russian armed aggression, but the management took all possible steps to mitigate war-related risks, with a focus on creating a safe working environment for staff.
As reported, in 2022, Ovostar reduced egg production by 9% to 1.55 billion eggs and sales by 6% to 1.08 billion eggs. At the same time, sales of dry egg products decreased by a third to 2.13 thousand tons, liquid – by 26% to 10.62 thousand tons.
The company earned $6.09 million in net income in 2022, 3.7 times more than in 2021. Its revenue for last year increased 1.7% to $135.63 million.
“In the first quarter of 2023, Ovostar decreased egg production by 2% to 362 million eggs, but increased its sales by 4% to 241 million eggs,” the company said. At the same time, sales of dry egg products increased by 23.8% to 531 tons, while sales of liquid egg products increased by 40.3% to 3,063 tons.
Given these sales and pricing metrics, total revenue for the three product categories was estimated at $46.3 million, up 68.1% from $27.6 million in the first quarter of last year.
As a result, the company reported a 70.7% increase in revenue to $47.30 million and a net income of $8.98 million instead of a net loss of $16.44 million in the first quarter of 2022.
