Business news from Ukraine

Ukrainian agro-industrial group Kernel signed an agreement to expand cooperation with Polish fuel importer Unimot Group, the company reported on Facebook.
“With the start of a full-scale war, we, along with other market participants, were forced to reorient fuel supply chains. In the midst of this process, Kernel signed its first formula contract with Polish fuel importer Unimot Group,” the agricultural holding company’s press office noted.
According to the agreement signed during Petroleum Ukraine 2023 conference, the Polish company will supply fuel, lubricants, bitumen and gas to the holding. For its part, Kernel will develop the storage and transport infrastructure and use mutually beneficial financial mechanisms.
The companies also agreed to cooperate in solar energy and projects aimed at decarbonizing production.
Unimot Group is the leader among Polish importers: 1.8 mln cubic meters of annual sales, 9 fuel terminals with a total capacity of 350 thousand cubic meters. The company owns a network of AVIA petrol stations with more than 3,200 stations in Europe.
Before the war, Kernel ranked first in the world in sunflower oil production (about 7% of world output) and its export (about 12%). The company is one of the largest producers and sellers of bottled oil in Ukraine. Besides, Kernel is engaged in cultivation of agricultural products and their realization.
Kernel cut its net profit in 1HFY2023 (July-December 2022) by 12.6% YoY to $370.31 mln, while revenues decreased by 41.3% to $1 bln 889.78 mln.