Public Joint Stock Company "Ukrnafta", with the assistance of the European Bank for Reconstruction and Development (EBRD), has planned projects to generate energy from its own gas with a total capacity of up to 370 MW. Additionally, it is working to attract investments for the construction of renewable energy facilities such as solar and wind, as reported by the chairman of the supervisory board, Duncan Nightingale.
"We aim to implement around 200 MW of renewable energy within the next two years," he stated in a brief interview with Interfax-Ukraine.
Nightingale reminded that, according to agreements with the EBRD, in addition to loan funds, the bank provides the company with grant support amounting to several tens of millions of euros.
"All these funds will be used for constructing gas generation. In the first stage, we plan to build approximately 375 MW of new gas-to-power energy capacities," the chairman of the supervisory board clarified.
He mentioned that the initial plan of "Ukrnafta" until 2028 includes the implementation of about 1 GW of new electric and thermal energy, as well as storage solutions (for energy storage - IF-U), which will require significant investments.
"We plan to attract funds from current donors, national and international banks, and investors. The main goal is to direct the company's resources towards its core activities aimed at increasing hydrocarbon production, while energy projects should be self-sufficient, including in terms of attracting financing," Nightingale emphasized.
He expressed gratitude to the investors who currently support "Ukrnafta" in its efforts to establish gas generation.
"Ukrnafta" understands the importance of traditional energy sources, especially under the conditions of martial law. At the same time, we use gas as a transitional fuel for electricity generation. This allows us to work on environmentally sustainable solutions for the future," the chairman of the supervisory board concluded.
"Ukrnafta" is the largest oil extraction company in Ukraine and operates the national network of gas stations. 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.
The largest shareholder of "Ukrnafta" is the National Joint Stock Company "Naftogaz of Ukraine," holding a stake of over 50% plus one share. In November 2022, the decision of the Supreme Commander of the Armed Forces of Ukraine was made to transfer the corporate rights of the company, previously owned by private owners, to the state, which is now managed by the Ministry of Defense.