OREANDA-NEWS. February 19, 2010. On February 23, Ukrnafta will offer 186,100 tons of oil at an auction on the Ukrainian Interbank Currency Exchange (UICE). The starting price will be UAH 3,000 and UAH 3,500 per ton.

Millennium Capital sees this news as negative for Ukrnafta because of an almost 30% lower selling price by comparison with prices for crude oil in international markets (USD  59.63bbl against USD 76.79bbl). As a result, this lowers the Company’s attractiveness for investors because the revenues growth expected in 2010 may not come true in view of declining extraction in 2009.