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Ukraine's PJSC Ukrnafta may leave market in 2019 if deposit use licenses not extended

Ukraine's PJSC Ukrnafta may leave market in 2019 if deposit use licenses not extendedPublic joint-stock company Ukrnafta would almost leave the market in 2019 if the company continues losing deposit use licenses, Ukrnafta Head Mark Rollins said at a roundtable in Kyiv on Tuesday.

This is reported by Interfax-Ukraine.

"In two or three years Ukrnafta would almost leave the market [if the licenses are not extended]," he said.

Rollins said that if in 2016 company annual production totaled 1.518 million tonnes, with the loss of licenses in 2019 only 271,000 tonnes a year will be produced.

He recalled the position of Ukrnafta that the practice of non-extending the company's licenses over tax debts by the State Agency for Geology and Deposits and is unlawful.

Ukrnafta is the country's largest oil producer. Naftogaz Ukrainy owns a 50% plus one share stake in Ukrnafta. A group of companies associated with the former shareholders of PrivatBank holds about 42% of the shares.
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