Supervisory Board of Ukrnafta updates strategic goals for 2025

The Supervisory Board of PJSC Ukrnafta convened in Kyiv last week to review results and update the company's strategic components for 2025, according to a press release from the company.

"Thanks to the professional work of our team over the past two years and the implementation of high standards of corporate governance, we have begun a successful partnership with the European Bank for Reconstruction and Development (EBRD), resulting in EUR 80 million in loans and EUR 44 million in grants for modern gas generation," said Ukrnafta CEO Serhiy Koretsky.

He added that the confidence of international partners in the state-owned company is also reflected in grant support worth nearly EUR 75 million from the governments of Sweden and Norway.

Ukrnafta reaffirmed that its key strategic objectives remain unchanged: expanding its resource base, increasing oil and gas production, boosting wholesale and retail sales of petroleum products, and developing new areas within the energy sector.

The overarching goals of the Supervisory Board and management are to ensure three core pillars in the company's operations: Sustainability – resilience to change and challenges, Profitability – delivering returns and being financially viable for shareholders, and Growth – pursuing development and expansion.

As reported, Ukrnafta posted a net profit of UAH 16.38 billion for 2024.

Ukrnafta is Ukraine's largest oil extraction company and operates a national network of filling stations. In March 2024, the company took over the management of Glusco assets, and now operates 544 filling stations – 461 of its own and 83 under management.

Ukrnafta holds 92 licenses for industrial development of fields. It has 1,832 oil and 154 gas production wells on its balance.

The largest shareholder in Ukrnafta is Naftogaz Ukrainy, which holds a 50% plus one share.

In November 2022, the General Staff of the Armed Forces of Ukraine decided to transfer the corporate rights of the company, previously owned by private shareholders, to the state. The Ministry of Defense now oversees these shares.