According to the results of January-June of the current year, the Ukrainian industrial company Interpipe transferred almost UAH 1.775 billion to budgets of all levels and extra-budgetary funds, which is 74% more than in the same period last year.
According to the press release of the company on Wednesday, the deductions to the state budget in the reporting period amounted to about UAH 1.289 billion (+130%), to local budgets – UAH 223 million (-5%). Another UAH 263 mln (+17%) was transferred as ERUs.
Serhiy Kuzmenko, Interpipe’s Director for Economics and Finance, noted that despite the difficult situation in Nikopol, the group is making a strong contribution to filling the state coffers, helping to keep the country’s economic front on track.
“Increased production of products with greater added value means the work of thousands of people in the frontline region and further growth in the payment of taxes,” stated Kuzmenko, quoted by the press service.
As reported, Interpipe in the first quarter of 2023 transferred to budgets of all levels and extra-budgetary funds almost 623 million UAH, which is 3% more than in the same period last year. Payments to the state budget for this period amounted to about UAH 406 million (+24%), to local budgets – UAH 107 million (-28%), another UAH 110 million (-14%) was transferred as ERUs.
“In 2022, Interpipe transferred UAH 2.816 billion to budgets of all levels and extra-budgetary funds. At the same time, deductions to the state budget amounted to about UAH 1.74 billion (-7% compared to 2021), to local budgets – about UAH 623 million (+1%). Another about UAH 454 mln (-4%) was transferred as ERUs.
“Interpipe” is a Ukrainian industrial company, a manufacturer of seamless pipes and railroad wheels. The company’s products are supplied to more than 80 countries through a network of sales offices located in key markets in the Middle East, North America and Europe. In 2022, Interpipe sold 384 thousand tons of pipe products and 87 thousand tons of railway products. Railway products are sold under the KLW brand.
Interpipe employs 10 thousand employees. In 2022, the company transferred UAH 2.8 bln to budgets of all levels.
The company’s structure includes five industrial assets: “Interpipe Nizhnedneprovsky Pipe Rolling Plant (NTZ)”, “Interpipe Novomoskovsk Pipe Plant (NMTZ)”, “Interpipe Niko Tube”, “Dnepropetrovsk Vtormet” and electric steel melting complex “Dneprostal” under the brand “Interpipe Steel”.
The ultimate owner of Interpipe Limited is Ukrainian businessman Victor Pinchuk and members of his family.
External financing of state budget as of June 14, 2023, USD bln
Source: Open4Business.com.ua and experts.news
The Government of Ukraine has included the industrial park “Friendly Windtechnology” (Perechin, Uzhgorod district, Zakarpattya region) with an area of 16.5 hectares in the Register of industrial parks, the press service of the Ministry of Economy reported.
The corresponding decision was made at a government meeting on Tuesday.
According to the concept of the new industrial park, 745 new jobs should be created in the processing industry, professional-scientific and technical activities.
Predominantly local enterprises will be engaged in mechanical engineering and metalworking, the report said.
“The creation of new industrial parks is aimed at developing the processing industry, supporting Ukrainian exports, creating new jobs and filling local budgets,” the press service quoted Economy Minister Yulia Sviridenko as saying.
According to the Ministry of Economy, thus in the Register today there are 65 industrial parks.
As reported, last year Kramatorsk Heavy Machine Tool Plant, on the site of which produced wind turbines company “Furlander Windtechnology”, decided to relocate from Kramatorsk to Perechyn.
According to opendatabot, Friendly Wind Technology LLC (FWT) was registered in Perechyn in October 2022, with Vladyslav Eremenko as the ultimate beneficiary and manager.
According to the local press, the construction of a new workshop of the enterprise, which will be part of the industrial park, has recently started in Perechin. “Friendly Wind Technology” is engaged in the design and production of components for wind power plants.
Nova Posta Group has created the NovaTech online platform to engage partners in developing innovative products and services together with its R&D division, the company’s press office said Tuesday.
“Using external ideas, sharing innovations through partnerships and combining new solutions will allow more to be gained by all participants,” the release quoted the head of Nova Posta’s R&D center as saying Eugene Khomenko.
It is noted that the development team is looking for partners in the following areas: robotization, sorting and customer service, artificial intelligence in service, computer vision, new generation packaging, as well as NovaTech is looking for developers of new services in branches and alternative transport for parcel delivery.
In addition, Nova Posta has organized an offline NovaTech studio, which is an open space with a co-working space, a laboratory, and a showroom. The total area of the studio is almost 900 square meters and is located on the first floor of the Atmosphere shopping center.
NovaTech has already started cooperation with partners such as Deus Robotics, a robot development and manufacturing company, Konsort, a manufacturer of production automation equipment, UIS, a developer of software for logistics automation, Disk Systems, a manufacturer of electronic automation solutions, and others.
Oil prices are actively rising on Wednesday morning after declining at the end of the previous session, traders are evaluating signals of a sharp decline in oil inventories in the United States.
The price of October Brent futures on London’s ICE Futures exchange by 8:01 a.m. Wednesday is $85.59 a barrel, up 68 cents (0.8%) from the previous session’s close. On Tuesday, these contracts fell in price by $0.52 (0.6%) – to $84.91 per barrel.
Quotes of futures for WTI crude oil for September at the electronic trading of the New York Mercantile Exchange (NYMEX) by the specified time rose by 69 cents (0.85%) and amounted to $82.06 per barrel. At the end of the previous session they decreased by $0.43 (0.5%) – to $81.37 per barrel.
A negative factor for the oil market on Tuesday was the strengthening of the dollar, as it increases the cost of commodities for holders of other currencies. The index calculated by ICE, which shows the dollar’s performance against six major world currencies, rose 0.4% the day before.
“The rally in the oil market is ready to take a pause amid declining stock indices in the U.S. and a stronger dollar,” said Edward Moya, senior analyst at Oanda.
However, oil remains attractive to investors and buyers are likely to actively purchase contracts on drawdowns, he added.
Meanwhile, data from the American Petroleum Institute (API) released the previous day showed that US oil inventories collapsed by 15.4 million barrels last week. If the data is confirmed in the official figures from the Energy Department, which will be released at 5:30 p.m. Wednesday, the drop will be a record since 1982.
The real growth of Ukraine’s gross domestic product in 2023 may be up to 5%, but given the existing risks, the Ministry of Economy is still conservatively keeping the growth forecast at 2.8%, said Natalia Gorshkova, Director of the Department of Strategic Planning and Macroeconomic Forecasting of the Ministry of Economy.
“In those working calculations that we have, we as well as most experts who gave you forecasts, we see the possibility this year to reach a real growth of about 5%,” she said at the discussion “New macroeconomic forecast for Ukraine: what will be the exchange rate, GDP and inflation”, organized by the Center for Economic Strategy (CES).
At the same time, Gorshkova pointed out that the ministry is not going to change the current forecast of 2.8% yet, as the risks remain quite significant.
“We are part of the budget process, and we would not want to revise the base for budget formation every time, like on a seesaw,” added the representative of the Ministry of Economy.
She specified that earlier the ministry forecasted the growth of Ukraine’s economy this year at 3.2%, but in June it was adjusted to 2.8% due to the destruction of the Kakhovskaya hydroelectric power plant and pessimistic expectations about the future harvest.
“Perhaps we were hasty,” Gorshkova pointed out.
Speaking about longer-range forecasts, the Economy Ministry representative noted that, like most experts, the ministry hopes that the war will end in 2024, and this will stimulate an early recovery in the economy.
“Therefore, according to the current forecasts that we have, we expect 5% growth next year,” said the director of the Department of Strategic Planning and Macroeconomic Forecasting of the Ministry of Economy.
According to her, the main driver of growth is investment dynamics, while the nature of investments will change: military investments will be replaced by investments in infrastructure projects, in projects related to reconstruction, as well as supported by foreign investments, and the return of migrants from abroad.
As for inflation, which the Ministry of Economy expects this year at the level of 14.7%, Gorshkova noted that the forecast of the agency remains also conservative, as the assumption of the possibility of revision of the official hryvnia exchange rate at the end of the year remains.
As reported, the National Bank of Ukraine last week raised the forecast of real GDP growth in Ukraine in 2023 from 2% to 2.9%, but lowered it for 2024 from 4.3% to 3.5%. In addition, the NBU improved its inflation estimate for this year from 14.8% to 10.6%.
