Kolomoisky's company is unhappy with the new oil price and has disrupted the auction.

Igor Kolomoisky

Igor Kolomoisky

The Ukrnafta oil product auction, scheduled for November 30, did not take place because Kolomoisky's entities failed to submit a single bid. This was reported by the Ukrainian Interbank Currency Exchange.

It is known that traditionally, companies controlled by oligarch Ihor Kolomoisky act as buyers at auctions. The starting price for petroleum products at the November 30 auction was set according to a new principle and was significantly higher than the price at the first auction.

The previous oil auction failed because the starting price for petroleum products was too low. Therefore, the auction committee cancelled the bidding, fearing that Ukrnafta could suffer significant financial losses.

Since the auction failed the second time, according to current legislation, Naftogaz of Ukraine is obligated to purchase these petroleum products within 30 days.

As a reminder, Kolomoisky's Privat Group owns 42% of PJSC Ukrnafta. The state controls 50% plus one share of the company. According to Ukrainian law, auctioning hydrocarbons is mandatory if the state holds a controlling stake, as is the case with Ukrnafta.

We previously wrote that Ukrnafta's top manager Mark Rollins lobbies for Igor Kolomoisky's interests..

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