Ukrnafta forming its board
MOSCOW. Feb 12 (Interfax) - Ukrnafta, which finalized the formation of its Supervisory Board where the director had been the executive body since 2022, is currently forming its board, Supervisory Board Chairman Duncan Nightingale said.
Nightingale told Ukrainian media they were selecting candidates for positions on the board and hoping to complete the process within the next three to four months. He also said they were working together with shareholders on a new company charter to be based on the best business practices.
He reminded the press that Ukrnafta elected its new Supervisory Board in 2024. The Supervisory Board has five members, namely two representatives of the shareholders - the Ukrainian Defense Ministry and Naftogaz of Ukraine, as well as three independent directors from Norway, Great Britain and Canada.
Ukrnafta is the largest oil producing company in Ukraine and operator of the national network of gas stations. The company took over the management of Glusco assets in March 2024 and currently operates 544 gas stations, including 461 of its own and 83 under management.
The largest shareholder of Ukrnafta is Naftogaz of Ukraine with a stake of 50% + 1 share. The headquarters of the Ukrainian Armed Forces Supreme Commander-in-Chief decided in November 2022 to reassign private shares in the company to the state. The shares are currently managed by the Ukrainian Defense Ministry.
A general meeting of Ukrnafta shareholders amended the company charter on November 9, 2022, to replace the collective executive body (board) with a sole one (director) represented by Sergei Koretsky, the former general director of the WOG gas station network, one of the largest on the market.
In early March 2024, shareholders confirmed Tim Dodson, Ireneusz Fąfara, and Nightingale, who was subsequently elected Supervisory Board chairman, as independent members of the Supervisory Board, elected through a competitive process.
Nightingale has over 30 years of experience in the oil and gas industry, He is an international expert in the exploration of oil and gas reserves in Latin America, Europe, Africa and the Middle East, who currently serves as CEO and member of the Management Board of Blacksteel Energy.
Dodson has over 40 years of experience in production and geology. He used to be executive vice president at Equinor and now chairs the Board of Directors of Norwegian Ennox Technology Sdn Bhd specializing in oil waste treatment.
Fafara headed the Polish concern Orlen in April 2024, so Ekaterina Kuznetsova was elected as a new independent member of the Supervisory Board. She has more than 25 years of experience in international audit companies. She built her career up from a junior consultant to a senior manager at Ernst & Young (Australia) and worked as a general manager of the financial department of the corporate center of SingTel Optus (the second telecom operator in Australia) and director of the capital markets group at PwC (Great Britain).
Company shareholders are represented by Lyudmila Daragan (on behalf of the Defense Ministry) and Rosa Tapanova (on behalf of Naftogaz). The latter also represented the Ukrainian state in the previous Ukrnafta Supervisory Board.
