Kolomoisky's legacy. Ukrnafta and Ukrtatnafta have $1.9 billion in receivables
Photo: Ukrnafta

Ukrnafta and Ukrtatnafta, which were seized by the state in the fall of 2022 until the end of martial law, have receivables worth UAH 70 billion ($1.9 billion), the CEO of the companies Serhiy Koretskyi said in an interview with Ekonomichna Pravda.

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"[Ukrnafta] has UAH 30 billion ($817 million) of receivables. They have been formed since 2015. This means oil or oil products that were realized with deferred payment. For example, they paid money to a company that was supposed to supply oil products for three years. There are receivables at Ukrtatnafta. We are now restoring the ledger, because it was not in place at the time of my appointment – neither paper nor electronic. The receivables are about UAH 40 billion ($1.1 billion). The logic is exactly the same. It was realized to someone somewhere," he explained.

Receivables arise when one party, called a debtor, receives goods or services from another party but does not pay for them immediately.

"Companies' receivables are a big problem, but not the only one. The problems faced by the new management are roughly up to UAH 100 billion ($2.7 billion)," Koretskyi said.

For example, Ukrnafta's balance sheet contains oil that has not been found, and its value exceeds UAH 3 billion ($82 million). There is also a shortage of oil from suppliers, also worth more than UAH 3 billion.

Koretskyi suggests that the schemes in the companies worked both at the level of shareholders and managers.

"Apart from the fact that it is obvious that Mr. [Ihor] Kolomoisky could have coordinated these actions, I think a lot depends on the management. I think there are a lot of things that the shareholders may not have known," Koretskyi said.

Ukrnafta and Ukrtatnafta came under the control of the Ministry of Defense in November 2022, along with three other strategic enterprises of Ukraine – AvtoKrAZ, Motor Sich and Zaporizhtransformator.

After that, Ukrnafta and Ukrtatnafta were headed by Serhiy Koretskyi, former CEO of WOG gas station chain. The general meeting of Ukrnafta shareholders completely dissolved the company's board and left Koretskyi as its sole director.