Business news from Ukraine

CHP modernization is one of key priorities for 2024 – Naftogaz

The modernization of CHP plants is one of the key priorities for 2024, which the management of Naftogaz Group discussed with the company’s Supervisory Board at an offsite meeting on March 20, 2024.

“The thermal generation facilities transferred to Naftogaz are in an extremely poor condition. They have not been modernized for years, and the war has also had a negative impact on their operation. In today’s environment, they cannot operate efficiently and ensure the proper level of reliability. Therefore, we need to find funds to modernize these facilities,” the Naftogaz Group website said on Thursday, citing its head Oleksiy Chernyshev.

Among the key priorities of the group this year, Naftogaz also highlighted the growth of gas and oil production, an increase in the volume of gas from foreign energy companies in Ukrainian underground storage facilities, the development of customer services for household consumers and the protection of facilities in times of war.

In particular, the group plans to increase natural gas production by 0.5 bcm this year and attract about 4 bcm of gas from foreign traders for storage in Ukrainian underground storage facilities, up from 2.5 bcm in 2023.

“As in the previous year, our top priority remains to increase our own Ukrainian gas and oil production. Our plan for 2024 is to increase natural gas production by at least half a billion cubic meters. We are increasing the pace of drilling new wells, using modern technologies for both subsoil exploration and direct gas production,” Chernyshov said.

As reported with reference to the head of Naftogaz, the group plans to produce 15 billion cubic meters of natural gas in 2024 at the expense of PJSC Ukrgasvydobuvannya (UGV) and PJSC Ukrnafta.

According to Chernyshev, in 2023, UGV produced 13.5 billion cubic meters of gas.

For his part, according to UGV CEO Oleh Tolmachov, in 2023, the company increased gas production by about 700 million cubic meters compared to 2022. In 2022, the company produced 12.5 billion cubic meters of natural gas (commercial).

“In 2023, Ukrnafta increased oil and condensate production by 3% (by 39.9 thousand tons) compared to 2022, to 1 million 409.9 thousand tons, and gas production by 5.8% (by 60.4 million cubic meters), to 1 billion 97.4 million cubic meters.

The Cabinet of Ministers of Ukraine decided to transfer six CHPPs from the State Property Fund to Naftogaz of Ukraine (Dniprovska in Kamianske, Mykolaivska, Kryvorizka, Khersonska, Odesa, and Centralized Metallurgical Plant of Sievierodonetska CHPP) in early August 2021. Later, the government decided to increase the authorized capital of the NJSC by UAH 646.248 million through an additional share issue by contributing additional stakes in these CHP plants.

, , ,


The Ministry for Strategic Industries of Ukraine has identified five priorities in its activities for the current year, including increasing exports, the creation of two state-owned holding companies Defense Systems of Ukraine and Aerospace Systems of Ukraine as well as the Defense Technology Agency.
According to the message on the ministry’s website, two other priorities are rule-making and implementation of process of corporatization of Ukroboronprom enterprises, on the basis of which it is planned to form two new state-owned holdings.
Among the main documents that need to be approved this year, the ministry named the Strategy of development of the defense-industrial complex of Ukraine, the National target scientific and technical space program of Ukraine for 2021-2025, the State target scientific and technical program of development of the aviation industry of Ukraine for 2021-2030 and the National complex program of high science-intensive technologies as well as the State Defense Order for 2021.
Speaking about the Defense Technology Agency, the Ministry for Strategic Industries named the Defense Advanced Research Projects Agency (DARPA) of the U.S. Department of Defense as an example of such a department. “The mission of the agency will be to introduce scientific and technical solutions and new technologies to create modern types of competitive weapons and military equipment,” the ministry said.



At 1030, a press breakfast will begin at Transparency International Ukraine to discuss anti-corruption priorities of the Verkhovna Rada of the new convocation (DEPO Conference Hall, 50 Antonovycha Street, Library Conference Room). Registration for participation by 1800 on August 27 online:
Additional information by phone or e-mail: (066) 789 5895,

, , ,


President of Ukraine Volodymyr Zelensky has promised to justify the trust of Ukrainians in the Servant of the People party at the parliamentary elections and called the main priorities of his political force in the Verkhovna Rada of the new convocation. “Some 73% was better, but I am personally and each of us is grateful to the people of Ukraine for their support. We thank the people of Ukraine for the very great confidence in our Servant of the People party. I want to say that this is also a big responsibility for me personally and for our team. We will not let the Ukrainians down,” he said at the party headquarters on Sunday evening.
Zelensky stressed that the main priorities of his team are terminating the war, returning captured Ukrainians and defeating corruption that still exists in Ukraine.

, , ,


President of Ukraine Volodymyr Zelensky at a meeting with the delegation of the European Bank for Reconstruction and Development (EBRD), led by its president Suma Chakrabarti, has assured that bilateral cooperation will be intensified and will become more efficient. “We thank you for being here and thank you for being the largest investor in Ukraine. I want to assure that we will extend our cooperation,” Zelensky said at the meeting.
He stressed that the strategy of the EBRD is fully consistent with the priorities of Ukraine, and expressed conviction that Ukraine and the bank together can work more efficiently. Zelensky noted that the country appreciates cooperation with the international partners: the EBRD, the World Bank and the International Monetary Fund.
The president noted he had already met with the representatives of the IMF, at which Ukraine’s progress in fulfilling its obligations under the Stand-By Arrangement was noted. According to Zelensky, the parties discussed the issue of continuing cooperation.

, , , ,


The European Bank for Reconstruction and Development (EBRD) has defined operational and strategic priorities in Ukraine for the next five years: privatization and improved governance in the public sector, energy security and energy efficiency, as well as strengthening the banking sector and developing capital markets. “The EBRD will pay special attention to projects that will integrate investment and policy engagement in areas such as privatization, energy security and efficiency, the financial sector, trade and infrastructure,” the bank said in a statement in connection with the adoption of a new strategy for Ukraine.
“The EBRD will help stimulate private sector participation across sectors and further commercialization of public sector firms. The bank will continue to support the implementation of modern public sector procurement as well as the introduction of proper public governance,” a bank press release reads.
“The EBRD’s operational and strategic priorities in Ukraine will rest on the following five pillars: promoting privatization and commercialization in the public sector to increase competitiveness and good governance; promoting the rule of law, fair competition in the private sector and support of companies that use best practice; strengthening energy security through effective regulation, market liberalization, diversified and increased production and energy efficiency; enhancing the resilience of the financial system by strengthening Ukraine’s banking sector, and by developing capital markets and non-bank finance; and improving integration by facilitating trade and investment, expanding infrastructure links, and supporting convergence with EU standards,” the document states.
“The EBRD will foster competition and support anti-corruption efforts. Special attention will be paid to improved skills and to the employability of disadvantaged groups. The bank will pledge more resources to create a market structure for sustainable energy and improved energy connectivity. It will assist in the creation of increased resource efficiency and will help promote renewable energy,” it says.
“The EBRD will promote a stable and efficient banking sector, a greater variety of non-banking financial channels and the use thereof. The bank will invest in improvements to connectivity through better infrastructure. It will also help facilitate increased trade and investment flows,” the bank added.

, ,