Business news from Ukraine

Business news from Ukraine

Naftogaz in Lviv is implementing a project for construction of a thermal power plant on wood chips for UAH 1 billion

NJSC Naftogaz of Ukraine is implementing in Lviv, together with the city council, a project for the construction of a CHP plant on wood chips, which is planned to be put into operation by February 2023.

“I am sure that by February the CHPP will be operational. It will take a few months instead of a year and a half. NAC helps with the implementation of this project both in financing and in development. several months,” Naftogaz head Yuriy Vitrenko said at a briefing during a visit to the Lviv region on Friday.

As the correspondent of “Energoreforma” reports, according to Vitrenko, the NAC, which is implementing a number of similar projects in Ukraine, is ready to support other cities in this direction. ‘We have an interest in investing in such projects in order to import less gas at enormous prices. The implementation of such projects is beneficial both economically and in terms of ecology,” Vitrenko explained.

At the same time, he noted that both the Lviv authorities and the NAC itself also have a number of agreements in order “to then attract funds from IFIs for such projects.”

Lviv Mayor Andriy Sadovoy noted that this would be the city’s first powerful thermal power plant running on alternative fuels, which would cover about a quarter of its heat needs. “We planned such a project with the EBRD for a long time, but according to their classical procedures, we could only start it next year. But the Russian aggression intensified the thought process so much that we came to an agreement with Naftogaz,” Sadovoy explained.

According to him, the participation of the national company, which is the market leader, gives more opportunities and priorities, including in obtaining equipment.

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The Cabinet of Ministers of Ukraine has chosen 3 companies for the selection of applicants for the positions of members of the Supervisory Boards of state-owned banks

Based on the results of the competition, the Cabinet of Ministers selected Ward Howel Ukraine, Executive Search Ukraine and Pedersen & Partners to select applicants for the positions of members of the supervisory boards of the state-owned Oschadbank, PrivatBank and Ukreximbank (all from Kyiv), respectively.

According to a posting on the Cabinet’s website, the government also determined the terms of payment for the services of companies and the contract for the provision of these services.

It is indicated that the competitive selection was carried out by a commission created by the Ministry of Finance from among its employees, as well as representatives of international organizations involved with an advisory vote.

According to the law “on banks”, the Supervisory Board of the State Bank should consist of nine members, six of whom should be independent, and three – one representative of the president, the Cabinet of Ministers and the Verkhovna Rada.

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On Monday, National Bank will hold next exchange of non-cash currency for cash for cash desks of banks

On October 3, the National Bank of Ukraine (NBU) will conduct another exchange of non-cash currency for cash to reinforce banks’ cash desks, the regulator’s press service told Interfax-Ukraine on Friday.

“On Monday, October 3, the NBU will once again carry out operations to exchange cash for non-cash currency. $100 million and EUR100 million will be offered for the exchange of a systemically important bank. The results of the operations will be made public on the day they are carried out,” the report says.

The press service noted that the previous activities of the bank had already had a positive effect, in particular, the number of banks participating in the relevant operations decreased, and the balances of foreign currency in cash in the system increased.

As reported, on September 7, the National Bank exchanged $100 million in cash for non-cash to banks, on September 12 – $100 million and EUR72 million, on September 19 and 27 – $100 million and EUR20 million each.

The regulator clarified that the operations of exchanging non-cash currency for cash will be carried out as long as it is necessary. The results of the relevant transactions will be published on the day of the transaction on Facebook and Telegram.

The NBU noted that such operations will not affect international reserves.

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The IMF approved the provision of assistance to Ukraine for $1.3 billion

The Board of Executive Directors of the International Monetary Fund (IMF) approved the provision of additional assistance to countries suffering from a significant balance of payments deficit, within which Ukraine plans to receive $1.3 billion in assistance, the press service of the National Bank of Ukraine reported on Friday.

“Under this program, Ukraine will request about $1.3 billion in emergency financing from the IMF. After approval by the IMF Board of Executive Directors, these funds may arrive as early as October,” NBU Governor Kirill Shevchenko said.

He pointed out that the NBU hopes for an early start of work on a new full-fledged IMF program.

Yuzhkoks reduced the production of metallurgical coke by 19.8%

PrJSC “Yuzhkoks” (Kamenskoye, Dnepropetrovsk region) in January-August of this year reduced the production of metallurgical coke by 19.8% compared to the same period last year – up to 393 thousand tons.

A representative of the company told Interfax-Ukraine that in August the company produced 54,000 tons of metallurgical coke.

At the same time, he added that in January-August 2022, the production of gross coke with 6% moisture content amounted to 455 thousand tons, including 63 thousand tons in August.

The plant produced 490 thousand tons of coke in eight months of 2021, including 52 thousand tons in August 2021.

During this period, the enterprise was supplied with 515 thousand tons of domestic coal, 54 thousand tons from Russia (before the war) and 45 thousand tons from the USA. In August, only domestically mined coal was supplied in the amount of 69 thousand tons.

As reported, in January-August this year, Ukrainian Coke Plants reduced the production of gross coke with 6% moisture by 55.2% compared to the same period last year, to 2.94 million tons. Including for 8 months-2022, the production of metallurgical coke amounted to 2.52 million tons. At the same time, 257.7 thousand tons of gross coke were produced in August, including 221 thousand tons of metallurgical coke.

Ukraine in 2021 reduced the production of coke by 1.3% compared to 2020 – to 9.543 million tons.

The authorized capital of PJSC “Yuzhkoks” is UAH 171.918 million, the par value of the share is UAH 0.25.

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US Congress approves bill to provide Ukraine with a $12.3 billion military aid package

The United States Congress on Friday approved a bill to provide Ukraine with a $12.3 billion military and economic aid package, The New Yorks Times reports.

“On Friday, Congress gave final approval to a short-term package that would allow the government to operate until mid-December and avoid a midnight shutdown, as well as send about $12.3 billion in military and economic assistance to Ukraine,” the statement said.

It clarifies that the House of Representatives passed the document less than 12 hours before the funding deadline and submitted it to President Biden for signature.

This will allow the government to work until December 16, giving lawmakers time to iron out significant disagreements over a dozen annual spending bills.

According to them, the package of said assistance includes the third tranche of assistance to Ukraine to fight Russia, in addition to the total amount of about $54 billion approved earlier this year.

“Following Friday’s vote, Congress has given Ukraine more military aid than any other country in a single year since the Vietnam War, signaling a remarkable bipartisan consensus in favor of pouring massive amounts of American resources into the fight as the country seeks to wrest much of its power from Russia. territory,” the reporters said.

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