Saturday, December 10, 2022

Naftogaz records $91 million profit in third quarter of 2021

by Max HunderNovember 29, 2021 6:13 am

The company’s announcement highlighted the improvement compared to the third quarter of 2020, when the state-owned oil and gas giant lost $66 million. This is also the first quarter in 2021 in which Naftogaz registered a profit, having lost $62 million from January to June.

Andriy Kobolev, Naftogaz’s previous CEO, accused the incumbent management of “playing a trick” with the company’s previous financial report in an interview with online media outlet on Nov. 8.

Kobolev, who was fired by the Cabinet of Ministers in April and subsequently fell out publicly with his replacement Yuriy Vitrenko, said that the current team did not release a report on the first quarter of 2021 in order to hide subsequent losses.

Naftogaz said it would publish the audited financial statements for 2021 in 2022 within the timeframe required by law.

Max Hunder
Max Hunder
Business reporter, editor

Max Hunder is a business reporter at the Kyiv Independent. He previously worked as a business reporter at the Kyiv Post focusing on infrastructure and energy. He is a graduate of Eton College and University College London, and has reported for international publications from London, Kyiv and Yerevan.

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