Business news from Ukraine

Business news from Ukraine

Cabinet of Ministers of Ukraine has raised electricity tariff for households by 64% from June 1

The Cabinet of Ministers of Ukraine has set from June 1, 2024 the electricity tariff for the population at the rate of 4.32 UAH/kWh with VAT, which is 64% higher than the current tariff of 2.64 UAH/kWh with VAT.

This was announced by the first deputy head of the energy Committee of the Verkhovna Rada Oleksiy Kucherenko.

“4.32 is a single price. For electric heating – up to 2000 kWh at the old price in the heating period, in the summer as for everyone,” he wrote in his Facebook on Friday.

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Ukraine has exported 50 million tons of cargo through maritime corridor since August 2023

The maritime corridor created by the Navy has ensured the export of 50 million tons of cargo since August 2023, with 1,737 vessels handled at the ports, the Ministry of Community Development, Territories and Infrastructure (MCDI) said.

“50 million tons of cargo were exported by the Ukrainian Sea Corridor in 9 months. Despite constant attacks by the Russians, Ukrainian port workers managed to handle 1,737 vessels,” the Ministry said in a Facebook post on Saturday.

Thanks to the combined efforts of the government, the Administration of Sea Ports of Ukraine, international partners and all employees of the port industry, it was possible to establish a stable export of Ukrainian agricultural products by sea, the report said.

The Facebook of the Administration of Sea Ports (AMPU) reports that the Black Sea ports have reached a record volume of cargo processing.

“Starting with the first Joseph Shulte vessel that left the Ukrainian corridor on August 16, 2023, Ukrainian Black Sea ports have processed this record volume of cargo despite constant enemy attacks on our critical infrastructure. This is 1,737 vessels handled!”, – AMPU said in a statement.

Last Thursday, the fact that exports through the sea corridor reached 50 million tons was reported by Yuriy Vaskov, former Deputy Minister of Development of Communities, Territories and Infrastructure (Ministry of Restoration).

The head of the Administration of Sea Ports of Ukraine (AMPU), Yuriy Litvin, reported that the results of the Ukrainian “grain corridor” almost one and a half times exceeded the indicators of the Black Sea Grain Initiative. According to him, the indicator of transportation of only grain cargoes for eight months is already 10% higher than the results of the “grain initiative” for the year.

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Ukrainian President Volodymyr Zelensky has arrived in Singapore

Ukrainian President Volodymyr Zelensky arrived in Singapore to attend the Shangri-La Dialogue conference, which is a key platform for security issues in the Asia-Pacific region and to hold a number of meetings, in particular with U.S. Secretary of Defense Lloyd Austin.

“Global security is impossible when the world’s largest country ignores recognized borders, international law and the UN Charter, blackmails with hunger, darkness and nuclear weapons,” the president wrote in his Telegram channel.

According to Zelensky, restoring a just peace in Ukraine, ensuring global food and nuclear security is the task of the Global Peace Summit in Switzerland. “That is why it will be important for us to hear the voice of the Asia-Pacific region there,” he said.

According to the head of state, in Singapore he will hold meetings with the president of this state Tharman Shanmugaratnam and Prime Minister Lawrence Wong, President of Timor-Leste Jose Ramos-Horta, Singaporean investors, as well as U.S. Secretary of Defense Lloyd Austin.

As follows from the agenda of the conference, which this year is being held from May 31 to June 2, the Ukrainian president is scheduled to speak on Sunday, June 2.

Among others, the conference will be attended by US Defense Secretary Lloyd Austin and his Chinese counterpart Dong Jun, French Deputy Chief of Defense Staff Pierre Vandieu, Estonian Defense Minister Hanno Pevkur. Zelensky will speak as part of a plenary session on solutions for Global Peace and Regional Stability.

According to media reports, Russia will not participate in the current conference.

The Asian Security Summit “Shangri-La Dialogue” is an annual intergovernmental security forum held by the independent think tank “International Institute for Strategic Studies” (IISS), which is attended by defense ministers, permanent heads of ministries and other military leaders of 28 APR states. The forum takes its name from the Shangri-La Hotel in Singapore, where it has been held since 2002.

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Spain will provide Ukraine with €1 billion in military aid in 2024 and another €5 billion within 3 years

Spain will provide Ukraine with €1 billion in military aid in 2024 and another €5 billion within 3 years

As part of a bilateral security agreement, Spain will provide Ukraine with €1 billion in military aid in 2024 and €5 billion over three years, the Ukrainian Foreign Ministry said.

“…Under the agreement, Spain will provide Ukraine with €1 billion in military aid already this year and €5 billion over three years. The countries have also agreed to provide assistance in economic recovery, support Ukrainian reforms on the way to membership in the EU and NATO and the Formula for Peace, as well as strengthening sanctions against Russia,” the ministry said in a statement published in its Telegram channel on Monday.

As reported, Ukrainian President Volodymyr Zelensky and Spanish Prime Minister Pedro Sanchez signed in Madrid a bilateral agreement on cooperation in the field of security.

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Ukraine in talks with EU to maximise electricity imports – minister

Ukraine is negotiating to maximise possible imports of electricity from European Union countries to compensate for the generation capacity destroyed by the Russian attacks, Ukrainian energy minister said on Friday.
Russian missile and drone attacks on Ukraine’s energy sector have intensified since March, resulting in significant damage and blackouts in many regions.
The attacks have caused more than $1 billion of damage to the sector, leading to the loss of 8,000 MWh of generating capacity from the energy system, the government says.
Currently, Ukraine can import from the EU states no more than 1,700 Mwh of electricity simultaneously.
“We’re negotiating. Our task is to maximise this figure,” Energy Minister German Galushchenko told parliament.
“Technically, we can receive (import) more than 2,000 Mwh, even 2,400 Mwh. I’m sure a decision will be made,” he added.
Volodymyr Kudrytskiy, the head of Ukraine’s national power grid operator Ukrenergo, told Ukraine’s Telegraf that 1,700 Mwh is “the ceiling for now”.
“Everything will depend on how quickly our European colleagues – energy system operators of neighbouring countries – will be able to implement projects to expand the capacity of their grids,” Kudrytskiy said.
He said that European grid companies need time and money to reinforce some of their substations, install additional transformers or build new transmission lines.
“We think 3,500 to 4,000 Mwh of interstate interconnector capacity is something we can have in the horizon of five years,” Kudrytskiy noted.
IMPORTS
Energy minister Galushchenko did not say exactly how much imports are being discussed now, but Maxim Timchenko, the head of Ukraine’s largest private energy company, DTEK, said earlier this month that an increase to 2,200 Mwh could significantly improve the situation.
DTEK has lost about 90% of its power generation capacity due to Russian missile attacks in recent months.
DTEK data showed that Ukraine consumed around 13,000 Mwh before the attacks as of March 17 but after a series of Russian attacks on the energy system, consumption fell to 9,100 Mwh.
Due to power shortages, Ukrainian power grid operator Ukrenergo has been forced to introduce regular shutdowns of industrial consumers and households and maintain high import rates.
Problems with power generation can have a “potentially negative impact” on industry, especially the largest electricity consumers, the economy ministry said this week.

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More than 4 thousand companies opened by 14 Ukrainians over past four years. Where are most mass entrepreneurs in Ukraine?

More than 4 thousand companies have been founded by 14 Ukrainians over the past four years, according to the Unified State Register (USR). Each of these serial entrepreneurs accounts for more than 100 companies. The record holder among Ukraine’s serial entrepreneurs is opening 3-4 new companies a day in 2024. And the largest mass founder of companies is TAYKUN AP LLC – 532 companies.

4003 companies were created by 14 mass founders in Ukraine over the past four years. Opendatabot considers individuals and legal entities with 100+ companies to be mass founders. It is worth noting that one company may have more than one mass founder, and companies may change founders over time.

A record number of companies was created by Vitaliy Ilnytsky – 1399 businesses since the beginning of 2020. It is worth noting that this businessman confidently maintains his leadership this year. Since the beginning of the year, he has been opening about 3-4 companies a day: 507 companies in five months.

Serhiy Seko is in second place: according to the USR, he is the founder of 810 companies. Vitalii Tretyak rounds out the top three serial entrepreneurs: 436 companies over the past 4 years.

Almost half of the mass founders register companies in Kyiv – 1766 businesses or 44.1% of the total. Other popular regions among serial entrepreneurs are Lviv (8.4%), Kyiv (7.6%), Odesa (5.8%), and Dnipro (4.3%).

30.7% of companies created by mass founders are in the wholesale trade sector. Another 6% are in the field of land and pipeline transportation and 5.5% in the field of security services.

Serial entrepreneurs are not only people but also other companies. For example, 7 companies created another 2019 businesses in the same period. The leader among legal mass founders is TAYKUN AP LLC – 532 companies.

ALTON OBJECT LLC became another mass founder among legal entities – 332 companies. BUSINESS INNOVATION LLC is on the third place: 305 companies.

77% of these companies are established in Kyiv and Kyiv region.

Among these companies, the most popular areas are also wholesale trade (46.5%) and construction (7.5%).

Attorney Denys Popov notes that a large number of registered businesses owned by one person or company can be an alarming sign – it is worth checking the reputation and information about such a company before interacting.

“By law, any citizen or company can register an unlimited number of businesses. At the same time, this allows unscrupulous businesses to register companies for fictitious persons who will not be responsible for the company’s obligations in the future. Most often, this trend is found in businesses that are preparing for bankruptcy in advance or in one-day companies that do not aim to actually do business,” comments Denys Popov, attorney, insolvency officer, legal engineer at Opendatabot.

All links to companies and entrepreneurs: https://opendatabot.ua/analytics/mass-beneficiaries-2024

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