The Supervisory Board of PJSC "Ukrnafta" is close to achieving one of its primary objectives - the adoption of a strategic investment plan for the next five years: it is nearly finalized, with minor adjustments being made based on shareholder comments, stated the chairman of the Supervisory Board, Duncan Nightingale, to the Interfax-Ukraine agency.
"The five-year investment plan outlines the budget and work program that will enable 'Ukrnafta' to continue its operations, increase production, drilling, replace reserves, and contribute to generating net profit, paying dividends to shareholders, and taxes to the Ukrainian budget," he said in a brief interview.
Nightingale emphasized that the main idea is for the company to fulfill its core function during the war, while also growing, developing, and demonstrating attractive economic projects to shareholders.
When asked to clarify the possibility of the company returning to the stock exchange, the head of the Supervisory Board responded that this is a question he cannot detail at the moment.
"The decision on whether 'Ukrnafta' will become a public company again depends on the shareholders and the strategy of the Ukrainian government. This topic is not currently a priority, as Ukraine is addressing more pressing operational issues. I anticipate that it will become more relevant within the framework of the post-war recovery process," said Nightingale.
Regarding the letter of expectation from the owner, the chairman of the Supervisory Board mentioned that the list is being discussed in the government and will likely first be presented to shareholders - Naftogaz of Ukraine and the Ministry of Defense, before being discussed with 'Ukrnafta'.
"Naftogaz" is one of the shareholders of "Ukrnafta," which is also involved in hydrocarbon extraction, and consequently, the results of "Ukrnafta" are part of the growth plan for extraction. We are an important component of Naftogaz's investment program," noted Nightingale.
Regarding the announced deal by "Ukrnafta" to purchase 51% of the Shell gas station network in Ukraine, the chairman of the Supervisory Board stated that the issue of acquiring the remaining 49%, which has come under state control, has not yet been raised by the Supervisory Board.
"First, we are focusing on completing the deal for the purchase of 51%," he noted.
"Ukrnafta" is the largest oil production company in Ukraine and operates the national gas station network. In March 2024, the company took over the management of Glusco's assets and currently operates 544 gas stations - 461 owned and 83 under management. As of the end of 2024, "Ukrnafta" became the third largest in the gas station market, while Shell, with its 118 stations, ranked ninth after nine months of 2024.
The largest shareholder of "Ukrnafta" is Naftogaz of Ukraine, holding a stake of 50%+1 share. In November 2022, the Supreme Commander of the Armed Forces of Ukraine made the decision to transfer the shares of corporate rights of the company, previously held by private owners, to the state, which is now managed by the Ministry of Defense.