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JV Poltava Petroleum Company transferred UAH 28 million to local budgets of Poltava region in 2019

January 17, 2020 – JV Poltava Petroleum Company (JV PPC) accrued 564.9 million rents in 2019, of which over UAH 28 million was made by rent payments to local budgets of the Poltava region. Last year, the rent transfers of the JV PPC to local budgets were:

  • To the united local communities and village councils – UAH 15.1 million
  • To district budgets – UAH 11.4 million
  • To the budget of Poltava region – UAH 2.06 million

The JV PPC is engaged in the production of gas, oil and condensate in three districts of Poltava region: Novosanzharsky (Nekhroshchanska local community, Drabinovska), Poltava (Tereshkivska community) and Mashivsky (Bazylivshchyna village council).

The payment of royalty tax by gas companies is a significant contribution to the budgets of the united local communities in the Poltava region, as 5% of the proceeds are transferred to local communities, creating new opportunities for infrastructure construction and modernization, implementation of social and environmental projects.

However, rent payments are not the only source of additional revenue for local budgets. The employment of the local population is 78% of the total employment in the company, which means the possibility of earning a profit in the form of personal income tax at the place of work, in the Poltava region.

In addition to tax and royalty payments, JV PPC is a socially responsible company. In 2019, the company initiated the creation of the landscape sanctuary “Svitlovshchina”, for which the PPC recently received an Eco-Oscar, became a partner in the construction of a mini-football field in the Nehoroshchansk OTG, assisted in the modernization of the Sokolovobalkovsk school, provided irreversible financial assistance for Poltava region.