Cabinet of Ministers has appointed a new Chairman of NJSC Naftogaz of Ukraine Board (updated)

On April 28, the Cabinet of Ministers of Ukraine held a meeting of the general assembly of shareholders of Naftogaz of Ukraine.

During the meeting, the report on the activities of the state company NJSC Naftogaz of Ukraine in 2020 was considered. The net consolidated loss of the Naftogaz group of companies in 2020 amounted to UAH 19 billion. At the same time, the company's financial plan approved by the Cabinet of Ministers provided for a profit of UAH 11.5 billion. The corresponding financial plan was proposed by the management of NJSC Naftogaz of Ukraine in December 2020. According to the results of the general assembly of shareholders, the work of the Supervisory Board and the Management Board of Naftogaz of Ukraine in 2020 was considered unsatisfactory.

Accordingly, from April 28, 2021, the powers of independent members of the Supervisory Board of Naftogaz of Ukraine, representatives of the state in the Supervisory Board of Naftogaz of Ukraine, as well as the Chairman of the Board of Kobolev Andrii will be terminated.

On the outcomes of the meeting of the general assembly of shareholders of NJSC Naftogaz of Ukraine, the current independent members of the Supervisory Board of NJSC and representatives of the state in the Supervisory Board were re-elected in the same composition. At the same time, a competitive selection of candidates for the positions of four independent members of the Supervisory Board of Naftogaz of Ukraine National Joint-Stock Company was announced. Accordingly, independent members and state representatives on the company's Supervisory Board will continue to exercise their powers until election and appointment of new members.

It was also decided to elect and appoint Yurii Vitrenko as Chairman of the Board of Naftogaz of Ukraine National Joint-Stock Company from April 29, 2021.

Yurii Vitrenko has many years of successful experience in the energy sector and in 2018 held the position of Executive Director of Naftogaz of Ukraine.

The new head of the company is tasked with systematically increasing Ukrainian gas production, as well as assisting in the formation of a full and fair gas market in Ukraine.

Deputy Minister of Energy Yurii Boyko has been appointed as Acting Minister of Energy.