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Ukraine's state-run Naftogaz cuts losses by two-thirds in 2015

Xinhua, March 19, 2016 Adjust font size:

Ukraine's state-run energy company Naftogaz has cut its losses by 73 percent or 2.4 billion U.S. dollars last year, the country's First Deputy Economy Minister Yulia Kovaliv said here Friday.

"In 2014, the net consolidated loss of the company amounted to 89 billion hryvnyas (about 3.3 billion dollars) and in 2015 the losses are estimated at 25 billion hryvnyas (about 900 million dollars)," Kovaliv told a media briefing.

In particular, last year, Ukrenergo -- the electricity producing arm of Naftogaz has posted a profit of 24.5 million dollars after a 45-million-dollar loss in 2014, while the revenues of the gas extracting branch -- Ukrgazvydobuvannya stood at 24.7 million dollars, Kovaliv said.

The financially troubled Naftogaz, which is heavily subsidized by the government, has long been pressed by the International Monetary Fund over its huge losses, which widens Ukraine's budget deficit.

Earlier this month, Naftogaz said its losses are plummeting due to higher utility tariffs and the reduction of the country's overall energy consumption. Endit