PJSC “Ukrnafta,” a member of the “Naftogaz” Group, signed a grant agreement at URC 2026 in Gdańsk (Poland) with the European Bank for Reconstruction and Development (EBRD) for 44.6 million euros to build 62 MW of distributed generation, according to Serhiy Koretskyi, chairman of the board of NAK “Naftogaz of Ukraine.”
“These funds will help accelerate the implementation of distributed generation projects to support the power grid amid Russian attacks on the energy sector. The €44.6 million grant will supplement the previously secured €80 million loan from the EBRD and allow us to carry out the planned work more quickly,” Koretsky wrote on Facebook on Friday.
He specified that the total capacity of the new generation facilities is 62 MW.
“This, in turn, will strengthen the power grid amid a shortage of generating capacity caused by Russian attacks on energy infrastructure. “I thank the EBRD leadership for their support and trust,” the Naftogaz CEO explained.
He also reported that at URC 2026, Naftogaz and the EBRD signed a memorandum on expanding cooperation in the areas of energy security, infrastructure restoration, and modernization.
According to him, during a meeting between Ukrainian Prime Minister Yulia Svyrydenko and EBRD President Odile Renaud-Basso, specific terms of cooperation were discussed in detail, including securing financial mechanisms for the purchase of imported gas for the upcoming heating season.
As previously reported, Naftogaz signed an agreement with the U.S. EXIM Bank during URC 2026 in Gdańsk, which provides for the possibility of securing up to $300 million to purchase American equipment for the purpose of restoring the oil and gas infrastructure destroyed by Russia.
As Koretsky explained, the next step is practical work with U.S. companies to implement a financial mechanism that will allow for direct lending to U.S. suppliers and contractors for the purchase of equipment by companies within the Naftogaz Group.
At URC 2026, the Naftogaz of Ukraine Group also reached an agreement with the International Finance Corporation (IFC) on cooperation to attract private investment to Ukraine.
In addition, agreements were signed with the Polish company ORLEN regarding the development of LNG supplies to Ukraine and the exchange of expertise in the areas of sustainable development, decarbonization, and ESG.
JSC “Ukrnafta”—Ukraine’s largest oil producer—operates the country’s largest national network of gas stations, UKRNAFTA. In 2024, the company came under the management of Glusco. In 2025, it finalized a deal with Shell Overseas Investments BV to acquire the Shell network in Ukraine. In total, it operates nearly 700 gas stations.
The company is implementing a comprehensive program to restore operations and modernize the format of the gas stations in its network. Since February 2023, it has been issuing its own fuel vouchers and “NAFTACard” cards, which are sold to legal entities and individuals through Ukrnafta-Postach LLC.
The largest shareholder of “Ukrnafta” is NJSC “Naftogaz of Ukraine,” with a 50% + 1 share stake.
In November 2022, the Council of the Supreme Commander-in-Chief of the Armed Forces of Ukraine adopted a decision to transfer to the state the portion of the company’s corporate rights that belonged to private owners; the company is now managed by the Ministry of Defense.
