Monday, 2 May 2011

Naftogaz to start selling petroleum products at auctions in May

Ukraine's state oil and gas company Naftogaz will start selling at auctions in May 2011 the petroleum products supplied from the Lysychansk oil refinery (private JSC LINIK, Luhansk region), Ukrainian Energy and Coal Industry Minister Yuriy Boiko has said.

"As for the question of trade interventions, Naftogaz Ukrainy processed about 100,000 tonnes of oil, and on May 6 it will start selling these petroleum products at auctions," he said on the Big Politics talk show on the Inter TV channel late on Friday.

Boiko noted that the state would continue to monitor the work of the country's petroleum products market to avoid speculation and sharp hikes in the price of fuel.

"The state will always intervene in the work of this market and make the same trade interventions. I can say that we managed to curb the uncontrolled rise in prices and remove the speculative component... Every week we monitor both the price and the amount of fuel in the country in order to avoid its deficit," the minister said.

As reported, Naftogaz plans to refine up to one million tonnes of Russian Urals crude oil at the Lysychansk oil refinery in 2011.

Naftogaz held talks on the possibility of signing an agreement to buy crude oil refining services, and the private JSC is ready to sign an agreement worth UAH 288 million.

TNK-BP Commerce President and CEO Didier Casimiro said earlier that Naftogaz would refine 100,000 tonnes of crude oil every month at the Lysychansk oil refinery.

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