Economy ministry removes procurement by Ukrtransgaz from Naftogaz's control

Ukraine's Economic Development and Trade Ministry has removed procurement by public joint-stock company Ukrtransgaz from control of national joint-stock company Naftogaz Ukrainy, according to ministry resolution No. 1510 dated September 13, 2016.

The ministry annulled the procedure for forming, approving and supervising the implementation of the financial plan and the annual procurement plan of Ukrtransgaz approved by Naftogaz Ukrainy.

Earlier the ministry has not notified top managers of Naftogaz and under resolution No. 1478 dated September 7, 2016 renewed the holding's regulations, transferring the functions to manage Ukrtransgaz to the ministry, while earlier it was managed by Naftogaz Board. In particular, paragraph 48 of the regulations was expanded. The general meeting of shareholders now has the right to reshuffle the board of directors and the supervisory board of Ukrtransgaz, amend the company’s regulations and approve its financial plan and investment program.

The two resolutions are signed by Economic Development and Trade Minister Stepan Kubiv.