Ukraine

Business

Journal

13:58 PM Friday, November 16, 2018
UBJ.am
UBJ.am Thursday, May 17
Estonian fashion group boost profits; Russian Eurochem exits; Egg production rises, meat and dairy dips; Ukrtelecom proposes ambitious project; Qatar okays import of Ukrainian meat and dairy products.
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Estonian fashion group Silvano increases sales in Ukraine by 26%. AS Silvano Fashion Group (SFG, Tallinn), engaged in sewing and selling women’s underwear under the trademarks Milavitsa, Alisee, Lauma and Laumelle, boosted sales in Q1 by 26.3% y-o-y, to UAH 25.54 million.

Leading tomato paste producer Agrofusion launching tomato powder factory. Agrofusion, the largest Ukrainian vertically integrated producer of tomato paste, plans to launch a tomato powder factory in Snihurivka (Mykolaiv region) and is seeking foreign investors. The investment is expected to amount to UAH 1.2-1.3 billion. Agrofusion hopes to start building a fourth tomato processing plant in three years and investing UAH 2 billion in it, Interfax-Ukraine reports.

Cherkasy region flour company eyes African market. Ukrainian Flour Company LLC plans to open four representative offices in the Central African Republic, Chad, Cameroon and Benin, the company’s press service has reported. Pilot shipments of products totaling 400 containers, or 10,000 tonnes, have already been sent to these countries. The Ukrainian Flour Company was established in 2017. It produces goods under the trademark Korolivske Boroshno and exports flour to China, Moldova, Israel, Palestine, the Philippines, Angola, Georgia, the United Arab Emirates, Malaysia, and other countries.

Sanctions imposed on Russian mineral fertilizer suppliers.The Economic Development and Trade Ministry has imposed sanctions against EuroChem Group and other Russian suppliers of mineral fertilizers on the recommendation of the Main Military Prosecutor General's Office. They are accused of “supplying nitrogen fertilizers (ammonium nitrate) to the territories of Donetsk and Lugansk regions that are not controlled by the Ukrainian authorities without customs clearance via the closed checkpoints or checkpoints on the Russian-Ukrainian border forbidden by the government." According to the ministry, the funds paid to the self-proclaimed Donetsk and Luhansk Peoples' Republics were subsequently used to finance illegal armed groups, Interfax Ukraine reports.

EuroChem exits Ukrainian market with divestment of sales subsidiary. EuroChem Mineral and Chemical Company, a major Russian fertilizer producer, is leaving the Ukrainian market with the divestment of its 100% stake in Ukrainian distribution subsidiary, Agrocentre EuroChem-Ukraine, the company said in a press release. "Recent actions in Ukraine to restrict foreign suppliers of fertilizers, and expectations of a further deterioration of the business climate, prompted the Group's decision," EuroChem said.

Gas consumption up by 4% in Q1 2018. Natural gas consumption increased by 600 million cubic meter y-o-y, to 15.8 billion cubic meters (bcm). Industry consumed 5 bcm of gas (a 25% increase y-o-y), while households, municipal heat suppliers and budget organizations used 9.6 bcm (a 4% decrease), the Ukrainian Energy and Coal Ministry has said. Some 1.2 bcm of gas was used for production and other needs (no change y-o-y).

Ukraine has done without Russian gas for 900 days."Today (15 May) marks 900 days since the historic moment when Ukraine began to use the opportunities for doing without gas imports from the Russian Federation," the press service of PJSC Ukrtransgaz posted on Facebook.

Production of milk and meat drops slightly in Q1 2018; egg output increases. Milk production decreased by 1.1% Q1 y-o-y to 2.837 million tonnes, and that of meat (live weight) by 1.3%, to 1.084 million tonnes, the State Statistics Service announced. Egg production in January-April 2018 grew by 2.1%, y-o-y, to 4.982 billion units.

Ovostar’s net profits rise by 1.7%. Ovostar Union, one of the county’s leading producers of eggs and egg goods, recorded $7.3 million net profit Q1 2018, 1.7 times higher y-o-y. Its revenue increased 1.7-fold, to $33.9 million, due to an increase in sales and prices. Export sales for the reporting period doubled y-o-y and reached $14.4 million, while the share of exports in total revenue was 43%. Accessibility to the EU market has made the difference, company director-general Borys Belikov said.

Ukrtelecom proposes ambitious project to connect millions of rural population to broadband. Public joint-stock company Ukrtelecom has prepared a project to connect 8,000 villages in area with 6 million inhabitants to broadband Internet access service. The total cost of the project is UAH 6 billion, including UAH 3.2 billion (53.3%) of government investment. 14,000 villages are not covered and could be the target of a follow-up project. If the proposal is endorsed by the government and parliament, broadband Internet access saturation would grow by 4.4%, and GDP by 0.6%, that is, by around UAH 20 billion at today’s rates.

Norway interested in enhancing economic cooperation with Ukraine. High-level bilateral political dialogue creates opportunities for fruitful economic cooperation, Audun Halvorsen, State Secretary for Foreign Affairs of Norway, said a meeting with Vice Prime Minister for European and Euro-Atlantic Integration of Ukraine Ivanna Klympush-Tsintsadze. "Norway is interested in deepening economic cooperation with Ukraine,” Halvorsen said,the governmental portal reports. Norwegian investors are particularly interested in the energy sector, especially in green energy and energy efficiency.

Norway’s investments in Ukraine. According to Ukrinform, Norway’s financial assistance to Ukraine has exceeded $140 million over the past four years. Its priority areas are the reform of the judiciary and public administration; promotion of trade and European integration; energy efficiency and nuclear safety; humanitarian aid. Norwegian investments in the Ukrainian economy have reached $7.23 million.

Qatar permits import of meat and dairy products from Ukraine. Qatar has reported that veterinary certificates for the export of meat and meat products (in particular, poultry and beef), milk and dairy products, eggs and egg products, fish and fish products from Ukraine to the State of Qatar meet all the requirements of the Qatari regulatory bodies, Ukrinform reports. "Qatar has practically no production of its own agricultural products” and is an important potential market, Chairman of the Ukrainian Stock Breeders Association Iryna Palamar said.

Zhytomyr signs memorandum of cooperation with Chinese city of Hulun Buir. It covers economic, humanitarian and social sectors, the press service of Zhytomyr City Council reports.
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