Ukrnafta resumes operations after appointment of new CEO

11 November 2022, 07:32 PM
Ukrnafta gas station (Photo:Ukrnafta)

Ukrnafta gas station (Photo:Ukrnafta)

Ukrnafta has resumed operations after their nationalization and the appointment of a new CEO, the company said on Facebook on Nov. 11.

“Serhiy Koretskyy has been appointed as the head of Ukrnaftam,” the company reports.

“The company's work has resumed.”

The new CEO Koretskyy has already begun working in his new role. He stated that his initial primary goals are to ensure the company’s work amid war, maintain stable hydrocarbon production, and keep fiscal discipline.

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As reported earlier, Ukrnafta, Ukrtatnafta, and a number of other privately-owned enterprises were nationalized on Nov. 7, on the order of President Volodymyr Zelenskyy. Control over the firms was given to the Ministry of Defense for the duration of martial law.

Defense Minister Oleksii Reznikov said that supervisory boards had been formed for the companies that would appoint a stable of management.

Ukrnafta announced on Nov. 9 that its office was blocked by armed men. The SBU security service, along with the Economic Security Bureau of Ukraine, then reported that they were ensuring that the enterprise was properly transferred into state ownership, as well as conducting searches at oil refinery owned by the company, as part of a criminal case into tax evasion estimated at UAH 700 million (nearly $19 million).

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