Business news from Ukraine

Business news from Ukraine

“Ukrgasvydobuvannya” paid UAH 23.8 bln in rent payments to budget

In 2023, Ukrgasvydobuvannya JSC paid UAH 23.8 billion in rent payments, the company’s press service reports.

According to the press service, UAH 1.19 billion, or 5%, of this amount went to the budgets of the local and regional levels where the company operates.

The budgets of Kharkiv and Poltava regions received the largest amount of payments – UAH 584.16 million and UAH 496.34 million, respectively.

The amount of rent payments is calculated in accordance with the sale price of Ukrgasvydobuvannya’s natural gas in favor of Naftogaz of Ukraine.

As reported, in 2022, UGV produced 12.5 bcm of natural gas (commercial), which is 3% less than in 2021.

For 2023, Ukrgasvydobuvannya has been set the task to increase natural gas production by 1 bcm to 13.5 bcm.

According to the operational data, the company increased production by more than 0.7 bcm in 2023. At the end of 2023, UGV reached an average daily production of 37.5 million cubic meters.

NJSC Naftogaz of Ukraine owns 100% of Ukrgasvydobuvannya shares.

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“Naftogaz” paid over UAH 90 bln in taxes

Naftogaz Group companies paid UAH 90.2 billion in taxes in 2023.

“Last year, our group of companies transferred: UAH 83.4 billion to the state budget, UAH 6.8 billion to local budgets,” Naftogaz said on its Telegram channel on Monday.

It is specified that, in particular, in December 2023, the group’s companies transferred UAH 6 billion to the state budget and UAH 0.5 billion to local budgets.

“The energy security of our country is one of the key tasks of the Naftogaz Group. However, contributing to Ukraine’s economic development is equally important. We continue to be one of the largest taxpayers for the state,” Naftogaz CEO Oleksiy Chernyshov said as quoted on the company’s website.

At present, Gas Supply Company Naftogaz of Ukraine LLC continues to supply gas to 12.3 million consumers. It has signed 1,242 contracts with 449 district heating companies and 793 condominiums.

In addition, it is noted that 7 CHP plants managed by the group continue to provide heat to thousands of Ukrainians in Kamianske, Kryvyi Rih, Novoyavorivsk, Novyi Rozdil, Mykolaiv, Odesa and Kherson.

“Gas reserves in Ukrainian storage facilities are sufficient for the successful completion of the heating season,” Naftogaz said.

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Switzerland to allocate 1.5 bln francs for Ukraine’s recovery

Switzerland plans to allocate 1.5 billion francs for the restoration of Ukraine for the period from 2025 to 2028 as part of its international cooperation strategy, said Viola Amherd, President of the Swiss Confederation.

“Switzerland is placing great emphasis on the recovery of Ukraine. The principles laid down at the Lugano conference serve as a political compass for recovery. Switzerland has planned 1.5 billion francs in support of Ukraine for the period from 2025 to 2028 as part of its international cooperation strategy,” Amherd said at a press conference with the President of Ukraine in Switzerland on Monday.

She also noted that she had discussed with Zelenskyy the issue of humanitarian demining in Ukraine and food security related to the restriction of grain and food exports through the Black Sea due to Russian aggression.

“If such a large exporting country as Ukraine harvests less crops and food, it will have major negative consequences. In this regard, we discussed the UN’s efforts to facilitate the unimpeded export of food and fertilizers from Ukraine through the Black Sea. Russia’s decision not to continue the grain initiative poses a threat to food security around the world,” Amherd said.

For his part, the President of Ukraine, answering the question of what facilities the Swiss funds will be used to restore, said that Ukraine needs to strengthen its energy system and build bomb shelters.

“You know that many representatives of the Swiss government have been to Ukraine many times. They have seen that thousands of Ukrainian schools, Ukrainian children are under constant risk of missile attacks, ballistic missiles, and Iranian drones. That’s why the issue of bomb shelters and safety for children is very important,” he said.

He also reminded that “Ukraine has experienced several blackouts, and it was very difficult, but this winter we are stronger, and this must be strengthened.”

“There should be a decentralized energy system, and it should be safe. As well as water supply,” the President summarized.

Most economists predict global economic slowdown

Global economic growth will slow down in 2024, according to more than half (56%) of chief economists surveyed at the World Economic Forum (WEF) in Davos.

The remaining respondents expect global GDP growth to remain at the level of 2023 or accelerate.

According to the International Monetary Fund, the global economy will grow by 2.9% in 2024 after growing by 3% in 2023.

Economists are most pessimistic about Europe – three-quarters of respondents (77%) believe that growth in the region will be weak or very weak. Meanwhile, 93% of respondents expect moderate or strong growth in South Asia, and 86% in East Asia.

The US GDP growth rate will range from moderate to strong, according to 56% of the surveyed chief economists. Back in September, the percentage was 78%. At the same time, only 13% expect high inflation in the United States and Europe.

The WEF organizers interviewed 30 chief economists from banks, consulting firms, international organizations and major companies, including Microsoft and Google.

“The global economy will be tested again this year,” said WEF Managing Director Saadia Zahidi. – “Global inflation is easing, but economic growth is stalling, financial conditions remain tight, tensions are rising, and inequality is growing, underscoring the urgent need for international cooperation to create the conditions for sustainable and inclusive economic growth.

For more information on the situation in the Ukrainian and global economy, please see the video on the YouTube channel of the Club of Experts at the link:

You can subscribe to the channel here: https://www.youtube.com/@ExpertsClub

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Number of vacancies as of 01.11.2023 (thousand units) according to data of state employment center

Number of vacancies as of 01.11.2023 (thousand units) according to data of state employment center

Source: Open4Business.com.ua and experts.news

Ukraine exports $36 bln worth of goods in 2023

Exports of goods from Ukraine in 2023 fell by 18.5% year-on-year – from $44.2 billion to $36 billion, while imports increased by 14.4% – from $55.5 billion to $63.5 billion, the State Customs Service said on Friday.

As a result, according to its data, Ukraine’s foreign trade turnover for 2023 decreased by only 0.3% to $99.4 billion.

It is specified that taxable imports amounted to $52.6 billion, or 83% of the total volume of imported goods. It is noted that the tax burden per 1 kg of taxable imports in 2023 increased by 38% to $0.49/kg.

According to the released data, the most imported goods to Ukraine were China – in the amount of $10.4 billion, Poland – $6.6 billion and Germany – $4.9 billion, while the most exported were Poland – $4.7 billion, Romania – $3.7 billion, as well as China – $2.4 billion.

In the total volume of imported goods in 2023, 65% were machinery, equipment and transport – $19.8 billion (during customs clearance of such goods, UAH 141.7 billion or 31% of customs payments were paid to the budget), chemical products – $11 billion (UAH 74.8 billion or 16% of customs payments were paid to the budget) and fuel and energy products – $10.3 billion (UAH 103.4 billion or 23% of customs payments).

The top 3 exports from Ukraine in 2023 were food products – $21.8 billion, metals and metal products – $3.9 billion, as well as machinery, equipment and transport – $2.9 billion

The State Customs Service specified that 559.2 million UAH was paid to the budget during customs clearance of exports of goods for which the export duty was established.
For more details on the situation in the Ukrainian and global economy, see the video on the YouTube channel “Club of Experts” at the link:
https://www.youtube.com/watch?v=byJnfmie7bM
Subscribe to the channel here: https://www.youtube.com/@ExpertsClub

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