“Cascade Investment agreed on an agreement to exit the asset at the end of 2021,” says Cascade Investment CFO Konstantin Vyushinsky. Due to the outbreak of the war, it was greatly transformed. As a result, Cascade Investment left the company for an amount half as much as it entered, but remained large upside in the form of undistributed dividends.
A block of shares of PJSC PC "Ukrnaftoburenie" was sold to a Ukrainian entrepreneur, information about whom is not disclosed.
It is known that in 2016, Vitaliy Khomutynnik said that he owned 50% of the Cyprus company Deripon Commercial Ltd, which owns 44.9% of the shares of Ukrnaftobureniya.
The rest in Deripon, according to Vitaly Khomutynnik, belonged to Igor Kolomoisky. Other shareholders included the British JKX Ukraine B.V. (Netherlands), which owned 10% of Ukrnaftoburenie. Let us recall that Vitaly Khomutynnik sold his 20% of the parent company JKX Oil&Gas back in 2020.
Since the mid-2000s, the co-owners of Ukrnaftobureniya were Igor Kolomoisky, Vitaliy Khomutynnik and Pavel Fuks.
Vitaly Khomutynnik managed to sell his stake in the Ukrnaftoburenie company on the eve of nationalization
According to Forbes, as of April 2023, the value of the Ukrnaftoburenie company was about $500 million. The company's profit in 2022 amounted to UAH 3.8 billion, turnover - UAH 9.7 billion. Compared to 2021, profit decreased by a third, turnover by a quarter.
Vitaly Khomutynnik’s Cascade Investment Fund still owns 50% in the Ukrgaz Invest company, which operates under the terms of a joint activity agreement with Ukrneftebureniye. The second half of the share belongs to former deputy Igor Abramovich. For the 1st half of 2023, Ukrgas Invest declared UAH 17.1 million in income and UAH 4.7 million in net profit, according to YouСontrol data.
Let us recall that the corporate rights of the enterprise were arrested in April 2023 and were on the balance sheet of the National Agency of Ukraine for the identification, search and management of assets obtained from corruption and other crimes (ARMA). The Cabinet of Ministers of Ukraine, by Order No. 454-r dated May 23, 2023, agreed with the proposal of ARMA and the Ministry of Defense to transfer these assets to the management of PJSC Ukrnafta. On June 29, 2023, the Antimonopoly Committee of Ukraine authorized the transfer of corporate rights of PJSC PC Ukrnaftoburenie to the management of the state PJSC Ukrnafta. On July 7, 2023, acts of acceptance and transfer of rights and assets were signed between ARMA and PJSC Ukrnafta.
Ukrnaftoburenie produces fuel from the gas-rich Sakhalin field in the Kharkov region. “No one drills more efficiently than us,” said the company’s CEO Mikhail Bakunenko back in 2021. Based on the results of 2021, the company produced 691.3 million cubic meters of gas.
PJSC PC Ukrnefteburenie is one of the leaders among private oil and gas producing enterprises in Ukraine. In terms of gas production volumes in 2021, the company entered the TOP 3 companies in the industry. Rinat Akhmetov’s Neftegazdobycha had great results. In addition, Ukrnaftoburenie is included in the list of the most profitable companies in Ukraine.
Vitaly Khomutynnik managed to sell his stake in the Ukrnaftoburenie company on the eve of nationalization
Now PJSC PC "Ukrnefteburenie" plans to increase gas and condensate production at the Sakhalin oil, gas and condensate field. For this purpose, appropriate measures are being taken. Completion of commissioning work and commissioning of the booster compressor station will stabilize production, and thanks to the launch of well No. 88, Ukrnaftoburenie will be able to increase hydrocarbon production at the Sakhalin field.
