Business news from Ukraine

Business news from Ukraine

UKRAINIAN PHARMA COMPANIES READY TO SATISFY DEMAND FOR PCR TESTS IN FULL

Ukrainian pharmaceutical companies are ready to produce around 1,000 PCR tests per day, which will allow them to satisfy the demand for PCR tests in Ukraine in full, Deputy Health Minister, chief sanitary doctor of Ukraine Viktor Liashko has said during a press briefing in Kyiv on Monday.
“We expect to receive 22,000 PCR test systems from Ukrainian producers, which will allow carrying out around 2 million tests. The systems are expected to be ready next week. Ukrainian producers are ready to make around 1,000 PCR tests per day, which will allow satisfying the demand for testing in Ukraine in full,” he said.
The deputy minister said that currently Ukraine has around 250,000 PCR test systems in stock and added that Ukraine carries out not less tests than other European countries during the epidemic.
“We should realize that Europe is 15-20 days ahead in terms of the epidemic development. We monitor the dynamics and developments in Spain, Italy and France. If we look at the number of tests, Ukraine carries out not less of them than other countries. Thus, the testing issue is not a problem. Ukraine is ready to carry out tests,” he said.
Liashko also said that the Health Ministry will open a hotline for the patients whose requests for coronavirus (COVID-19) testing were rejected.

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AZOVSTAL RAISES ROLLED PRODUCTS OUTPUT BY 17%

Azovstal Iron and Steel Works (Mariupol, Donetsk region), which is part of Metinvest Group, in January-March 2020 increased the production of rolled goods, according to recent data, by 16.7% compared to the same period in 2019, to 1.032 million tonnes.
As a representative of the enterprise told Interfax-Ukraine, over this period, steel production increased by 15.1%, to 1.119 million tonnes, cast iron by 20.2%, to 999,000 tonnes.
In March, Azovstal produced 333,000 tonnes of rolled steel, some 343,000 tonnes of steel and some 310,000 tonnes of cast iron.
As reported, in 2019, Azovstal reduced total rolled goods production by 3.2% compared to 2018, to 3.753 million tonnes, steel production by 1.6%, to 4.016 million tonnes, cast iron output by 6.3%, to 3.475 million tonnes.
The enterprise is part of Metinvest Group, the main shareholders of which are SCM Group (71.24%) and Smart-Holding (23.76%), jointly managing the company.
Metinvest Holding LLC is the managing company of Metinvest Group.

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INGO INSURANCE COMPANY CHANGES NAME

INGO Ukraine insurance company (Kyiv) will operate under the name Joint-Stock Company INGO Insurance Company from April 2020, the insurer said in a press release.
Due to the change of name, the company’s logo and corporate identity are changing as well.
The company has been providing insurance coverage to its customers under the same brand for more than a decade and a half. The new name and visualization of the logo is an important stage in the implementation of the digital transformation strategy, as well as a reflection of the changes taking place in the company and the environment. The Latin transliteration of the company name INGO is emphasized by the fact that the company has been carrying out trans-border insurance and reinsurance operations for a long time, provides insurance services to its customers in any part of the world and is an active member of international guarantee coverage systems.
“The renewed logo is an element of our transformational strategy that is functional simplification, operational efficiency and the provision of high-tech insurance products and services. Thus, it is one of its important stages, which involves the creation of new products and services, as well as the development of a modern operating platform,” chairman of the company’s board Ihor Hordiyenko said.
The company said that the transition to the use of a new corporate style, including changing the signs of the company’s representative offices in the regions, will occur gradually. The announced changes will in no way affect the fulfillment of the current and future obligations of the company, as well as the concluded insurance and partnership agreements. The composition of shareholders, location, identification code of a legal entity, bank details also remain unchanged.
JSC INGO Insurance Company has more than 25 years of experience in the market. Since 2017, the main shareholder of the company has been the Ukrainian business group DCH of Oleksandr Yaroslavsky.
The company is one of the largest insurance organizations in Ukraine in terms of premiums, net worth volumes and insurance claims. It has 28 licenses for various types of compulsory and voluntary insurances, provides insurance services to corporate and retail clients.

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UKRAINE BANS BUCKWHEAT EXPORT

The Cabinet of Ministers has imposed a ban on export of buckwheat until July 1.
During a meeting on April 2, the government approved respective order amending supplement 1 to instruction No. 1109 of the Cabinet of Ministers of Ukraine dated December 24, 2019.
“Thus, the resolution introduces a temporary licensing and quotas for buckwheat and peeled buckwheat grain (no bran covering) export until July 1, 2020,” the Economy Ministry said in a statement on Thursday evening, April 2.
In particular, a zero quota volume was established for the goods (according to foreign economic activity codes 1008 10 00 00 and 1104 29 17 00).
The relevant amendments, according to the Economy Ministry, were made in supplement 1 to instruction No. 1109 on the quota volumes of export of goods which is subject to licensing in 2020.
According to the ministry, the ban on buckwheat export is a temporary measure necessary to protect the domestic market. The Economy Ministry said that Belarus, the Russian Federation and Kazakhstan have temporarily closed their borders for buckwheat export.
“To date the situation in the Ukrainian market is stable. The government is in dialogue with manufacturers and retailers all the time. Ukraine will negotiate with the main producing countries to lift bans in order to maintain international food security and restore normal international trade conditions,” the ministry said.
The ministry also urges Ukrainian agricultural enterprises to increase the area sown with buckwheat.

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ELECTRICITY CONSUMPTION IN UKRAINE DECREASES BY 7.5%

Electricity consumption during quarantine, from March 12 to March 31, 2020, decreased by 7.5% compared to the same period in 2019, to 7.911 billion kWh, Ukrenergo transmission system operator reported to Interfax-Ukraine.
The average temperature for the indicated period was 5.6 degrees above zero compared to the temperature 4.9 degrees above zero in 2019.
Within the first week of quarantine, March 12-18 (the average temperature was 5 degrees above zero), Ukraine consumed 2.838 billion kWh, which is 6.8% less than within the same dates in 2019 (at an average temperature of 3.7 degrees above zero) and 0.9% higher than within the previous week, March 5-11 (8.5 degrees above zero).
Consumption within March 19-25 amounted to 2.786 billion kWh (at temperature of 4 degrees above zero), which is 6.6% lower than within the same period in 2019 (at temperature of 5.5 degrees above zero) and 1.8% lower than within the first quarantine week, and 0.9% less than the week before quarantine.
According to the results of the last six days of March (8.2 degrees above zero), Ukraine consumed 2.287 billion kWh, which is 9.2% lower than within the same period in 2019 (5.4 degrees above zero).
In general, according to recent data, electricity consumption in March at an average temperature of 6.4 degrees above zero was 12.414 billion kWh, which is 7.2% less than on March 2019, when the average temperature was 4.7 degrees above zero.
Earlier, Ukrenergo transmission system operator predicted that electricity consumption in Ukraine in March amid quarantine measures could decrease by 8.2% compared to the same period in 2019. The operator said that in addition to quarantine, which restricted the work of a number of enterprises in different industries of the economy, electricity consumption will also decrease due to such seasonal factors as warm weather and a decrease in heat supply.