Sale of Ukraine's largest oil producer considered premature

Honorary President of Ukraine's largest oil producer Ukrnafta Oleg Salmin considers statements on selling the control stake (50 percent plus one share) in the company premature, the UFS agency reported. "As of today, there is only a suggestion of the Ukrainian Property Fund on withdrawing the control stake from the share capital of the Neftegaz Ukrainy company and its further sale", Salmin pointed out.

The official also stressed that the top management of Neftegaz Ukrainy had no right to speak on behalf of Ukrainian leaders and the country as a whole without an official confirmation. Such statements disorient the company's shareholders and Ukrainian investors, Salmin said.

On November 26, CEO of Neftegaz Ukrainy Yury Boiko stated to journalists that he had signed a draft decree on selling this stake, which would be passed to the Ukrainian Property Fund and the Cabinet of Ministers. According to him, Ukrainian President Leonid Kuchma has initiated this sale.

As of now, the control stake (50 percent plus one share) in Ukrnafta is held by Neftegaz Ukrainy, 0.03 percent - by the Property Fund and about 49.96 percent - by private shareholders. The largest private shareholders are PrivatBank (11.69 percent), Oxidental Management Company Ltd. (8.37 percent), Vorkidge (5,29 percent), and Alfa Capital Ukraine (5.09 percent).

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