The average sale price of Ukrainian oil at the auction of the Ukrainian Interbank Currency Exchange on Wednesday amounted to 1,359.72 UAH per tonne, which is 19%, or 319.63 UAH, more compared to the previous auction held on August 27, 2004.
As reported by the UMVB press service, 103.641 thousand tonnes of oil were sold at the auction for a total sum of 140,923.1 thousand UAH (including VAT).
According to UMVB data, the sole seller of oil at the auction was OJSC "Ukrnafta," the largest oil-producing company in Ukraine, and the buyers were five companies whose names are not disclosed.
The Government of Ukraine in September 2004 suspended until December 31, 2004 the holding of auctions for the sale of oil and gas condensate, which were conducted in accordance with its resolution No. 599 of April 4, 2000. At the same time, the provision on the mandatory sale of Ukrainian-produced oil at auctions was enshrined in the law on the state budget for 2005.