OKKO Group has begun construction of the all-season mountain resort GORO Mountain Resort at the foot of the Vysokyi Verkh mountain range at an altitude of 650 m above sea level in Lviv region, the group’s website reported on Wednesday.
The total investment in the recreation project is estimated at $1.5 billion. OKKO Group plans to invest $500 million using its own and credit funds, and another $1 billion is planned to be raised from other investors.
The total area of GORO Mountain Resort will be almost 1200 hectares, of which 360 hectares are planned for mountain and ski infrastructure, and more than 800 hectares for the development of hotel, commercial and recreational facilities.
Over the next 15 years, it is planned to build 41 75 km long ski runs with 342 hectares of snow cover, 17.5 km of ski lifts, including two modern gondola lifts and 11 chair lifts, as well as Welcome and Mountain centers.
The construction of the first stage of GORO with a total area of 127 hectares has already begun 5 km from Slavske village and is expected to be completed in 2028-2029. It will include 10 ski slopes with a length of 13 km, five hotel complexes with 1100+ rooms, along with recreational infrastructure with spa areas, swimming pools, restaurants, children’s and business areas.
“We see the future, even despite the challenges of war, and understand the importance of such ambitious projects for the socio-economic development of the Lviv region. The new mountain recreational project should become a magnet for Ukrainian and foreign tourists and potential investors, putting a modern mountain location on the tourist map of Europe,” said Vasyl Danyliak, CEO of OKKO.
OKKO Group in GORO Mountain Resort acts as the sole owner, major investor, master developer, developer and operator to ensure the harmonious development and holistic concept of the all-season recreational project.
OKKO Group has engaged world-class Austrian experts to create an international format: PKF Hospitality (investment analysis and concept), ILF Group (master plan and ski infrastructure) and Doppelmayr/Garaventa Group (design of lifts and cable cars). GORO Development, an investment and development company, is engaged in the development and construction of real estate on the territory of GORO Mountain Resort, and a single operator will manage the complex.
OKKO Group unites more than 10 diversified businesses in the fields of production, trade, construction, insurance, maintenance and other services. The flagship company of the group is Galnaftogaz, which operates one of the largest filling stations in Ukraine under the OKKO brand, with about 400 filling stations.
The group’s founder and ultimate beneficiary is Vitaliy Antonov.
Centravis Production Ukraine, a part of Centravis Ltd. holding, paid UAH 405 million to the budgets of all levels in January-September this year, which is approximately the same as in the same period.
“In terms of calendar days, our company pays about UAH 1.5 million in taxes every day. This is a significant amount and an important result of our entire team,” said Alexander Joseph, CFO of Centravis, as quoted in the company’s press release on Wednesday.
According to him, the company pays great attention to social responsibility and strives to support its employees working in difficult circumstances in frontline Nikopol. In particular, in 2024, the salary level was revised twice, which now averages UAH 27,912.
It is also recalled that in 2023, Centravis transferred UAH 0.56 billion to the budgets of all levels. Thus, the company is expected to pay approximately the same amount of taxes and fees in 2024 as in 2023.
As reported, Centravis increased its pipe production by 8% year-on-year to 10.18 thousand tons in 9M2024 (9.4 thousand tons in 9M2023). The share of exports in total production in 2024 reached 98.9%.
“In 2023, Centravis increased production by 12% to 12.2 thousand tons. More than 98% of its products are supplied to foreign markets. The company has exported its products to 38 countries, including Germany, Italy, the USA, Japan, South Korea, the UAE, Oman, and others.
Today, Centravis is one of the world’s ten largest producers of seamless stainless steel pipes.
“Founded in 2000, Centravis is one of the ten largest producers of seamless stainless steel pipes in the world. Its main production facilities are located in Nikopol (Dnipropetrovska oblast). In 2023, the company opened a branch in Uzhhorod.
Centravis Holding Ltd. was established on the basis of Nikopol Stainless Pipe Plant CJSC, service and trading companies of Production and Commercial Enterprise YUVIS LLC. Its shareholders are members of the Atanasov family. Centravis Ltd. owns 100% of the shares in Centravis Production Ukraine.
In January-June 2024, Varus supermarket chain paid UAH 700 million in taxes and fees to the state budget, the retailer’s press service reports.
“Every hryvnia of taxes paid to the state budget is another brick in building a strong economy of Ukraine. We are grateful to all the customers of Varus supermarkets, thanks to whom we continue to work and contribute to the support of our country,” comments Marina Panina, CFO of Varus.
In the first three quarters of 2024, Varus opened new stores in Pokrov, Zaporizhzhia, two in Odesa and renovated the store in Kryvyi Rih.
The release notes that the expansion of the network and the opening of new stores allows Varus to create and provide jobs for Ukrainians in different regions. The company pays special attention to internally displaced persons. First of all, the company helped evacuate and provided new jobs to its employees from the regions where active hostilities are ongoing. The IDPs are employed in all cities where the chain has stores. In the city of Dnipro alone, more than 500 IDPs have been employed in the chain’s stores.
In 2023, Varus paid UAH 1.1 billion in taxes and fees to the state budget.
The growth of potato prices in Ukraine continues, analysts of the EastFruit project report. According to regular monitoring, positive price trends have been recorded for more than a month, starting from the last decade of September this year. Traditionally, prices for potatoes in Ukraine during the first autumn month do not increase, as there is an active harvesting and the market receives large volumes of products, which farmers are trying to sell in the shortest possible time. During this period, both medium and low quality potatoes, which are not subject to long-term storage, and high-quality products, which the producer does not plan to store or does not have such an opportunity, are sold. As a result, this season on the potato market in Ukraine has already become exceptional.
Thus, today in the main regions of production potatoes are offered for sale at UAH 20-30/kg ($0.48-0.73/kg), depending on the variety, quality and volume of offered batches of products, which is on average 18% more expensive than at the end of the last working week. It can be stated that potato prices continue to set new price records of the last decade.
According to key market players, the positive price trend in this segment is due to several factors at once. Thus, this week the majority of Ukrainian farmers reported about the completion of potato shipment directly from the field, so the farms offered for sale this product from storage, the prices for which are traditionally higher. Even more confident support for prices continues to be provided by limited supply of potatoes on the market due to a significant decrease in yields of this crop in the current season. Recall, the maximum damage to the future crop, according to producers, caused by dry and hot weather in Ukraine throughout July this year.
Potato prices in Ukraine remain the highest among all countries in the project monitoring region. This fact allows to make forecasts that the domestic market will receive significant volumes of imported products in the first half of the current season. According to experts, it is with the beginning of mass imports price situation on the potato market in Ukraine may stabilize.
It should be noted that today the price of potatoes in Ukraine is already on average 2.9 times higher than at the end of October 2023. At the same time, major market players are not in a hurry to sell the main volumes of potatoes, as they expect further price growth in this segment.
For more detailed information on the development of the market of potatoes and other horticultural products in Ukraine you can get by subscribing to the operative analytical weekly – EastFruit Ukraine Weekly Pro. Detailed product information is available here.
On 22.10.2024, the State Labor Service of Ukraine revoked in full the License for the production of industrial explosives at mobile stations in the conditions of mining enterprises granted to Unigran-Service LLC* in 2015 (AG No. 578984 of 23.01.2015). NADRA.INFO’s attention was drawn to the recently published order of the State Labor Service No. 175 signed by the Head of the Service Igor Degneri by sources in the subsoil use market. The license was revoked at the request of Unigran-Service. The company has no other permits for the production of explosives.
Unigran-Service’s license became the fourth permit for the production of industrial explosives revoked by the State Labor Service in 2024: in September, the license for the production of explosives was lost by Zakhidorvibukhprom, a subsidiary of SJSC Avtomobilni dorogi Ukrainy** (order), and in March, two licenses were lost by JSC Kryvyi Rih Iron Ore Plant** (order). All licenses were canceled at the request of the companies.
* – Until February 2023, Unigran-Service was controlled by Igor Naumets. Since February 2023, the ultimate beneficial owner of the company is Olena Kalpa (Naumets and Kalpa have been under NSDC sanctions since May 2023). Since January 2024, the company has been headed by Oleksandr Stadnyk (YouControl).
** – The founder of SJSC “Automobile Roads of Ukraine” is the State Agency for the Restoration and Development of Infrastructure of Ukraine. Olga Korkh (YouControl) is the head of the SJSC. Ivan Petrusevych is the head of Zakhidorvybukhprom (YouControl).
*** – Kryvyi Rih Iron Ore Plant JSC belongs to Rinat Akhmetov ‘s SCM Group (controls 49.94%). The head is Sergey Novak (YouControl).
Source: https://nadra.info/2024/10/the-state-labor-service-canceled-four-licenses-for-the-production-of-explosives-for-mining-enterprises-in-2024/
The International Monetary Fund (IMF) expects Ukraine’s current account deficit to widen from 5.4% of GDP in 2023 to 8.1% and 14.3% of GDP in 2024 and 2025, respectively, according to the updated World Economic Outlook (WEO) released on Tuesday.
Earlier, in June of this year, the Fund estimated the current account deficit next year at 5.8% of GDP, and in 2026 – at 6.9% of GDP.
The IMF attributes the widening of the current account deficit to the persistent need for imports during the war, the impact of labor shortages on exports, and a decrease in grant funding. In the Fund’s view, these negative factors will outweigh the favorable impact of improved shipping routes, private remittances, and debt restructuring.
In the materials published after the fifth review of the EFF Extended Fund Facility program, it is noted that the current account deficit in the first half of 2024 increased to $8.6 billion compared to $1.8 billion in the first half of last year. The IMF cited a decline in grants from partners as the main reason.
Meanwhile, the trade balance in goods deteriorated by 8% yoy as high imports from the defense and energy sectors offset exports (especially of agricultural products and iron ore). The balance of services, on the other hand, improved with the end of the border blockades and a reduction in cash withdrawals by Ukrainians abroad.
The IMF predicts that after falling by 15.4% in 2023, exports will grow by 15.7% in 2024 and by another 6.2% in 2025. At the same time, imports, which grew by 21.5% in 2023, will increase by another 14.4% this year and by 7% next year.
According to the Fund’s estimates, the growth of foreign direct investment this year will slow to 2% of GDP from 2.6% of GDP last year, and in 2025 it will only slightly accelerate to 2.1% of GDP.
At the same time, thanks to the continued significant external financial support, the IMF forecasts that the country’s reserves will grow from $40.5 billion last year to $42.6 billion this year and $44.9 billion in 2025.
