Burisma Group To Pay Around Third Of Billion UAH To Budget In First Quarter

24 April 2020

Burisma Group transfers payments to the budget and develops plans to support communities in the regions where it is engaged in gas production. Together with local communities Burisma Group plans to implement important social projects that will help reduce the negative economic consequences caused by the coronavirus COVID-19 pandemic, the company informed.

“In the face of global economic threats, timely fulfillment of all obligations to the budget by big business is more important than ever. In this difficult period of time, we feel the support of the state, so we have to be socially responsible, and not only timely transfer payments to the budgets of all levels, but also provide all round support to local communities,” said Karina Zlochevska, a member of the Board of Directors at Burisma Group.

This is not the first year that Burisma Group is leading among independent gas production companies in the volumes of paid rent. For example, in 2019, the Group paid UAH 2.9 billion to the budgets of all levels, of which UAH 1.4 billion was hydrocarbon extraction rent. This allowed local budgets to get UAH 71 million and plan for local development programs for 2020.

According to Karina Zlochevska, the global drop in prices of energy carriers will not significantly affect the rate of production of Ukrainian gas, because the share of local gas does not exceed one third of the general volumes consumed by the country, and therefore, there is a room to increase its extraction. But in order to do this, Ukraine needs to continue reforms in the oil and gas sector.

ExPro reference:
Burisma Group comprises a number of gas production and servicing companies in Ukraine and abroad, in particular, ESKO-Pivnich, Systemoilengineering, KUB-Gas, First Ukrainian Oil and Gas Company, Pari, Nadragas, and Naftogazopromyslova geologiya. The group of companies holds 35 licenses for hydrocarbon extraction.

In 2019, the Burisma Group of extracting companies produced around 1 billion cubic meters of hydrocarbons.