On Wednesday, the Board of Directors of the European Bank for Reconstruction and Development (EBRD) approved a loan of up to EUR80 million to Ukrnafta under state guarantees for the construction of about 100 MW of small gas-fired distributed power plants and cogeneration facilities. According to the bank’s website, the loan will help solve the problem of electricity shortages and ensure uninterrupted power supply to households and businesses.
The total cost of the project will be EUR103.8 million, and it will also be financed by a grant of up to EUR22 million expected to be provided by the Netherlands, the United States and other donors through the EBRD’s Special Crisis Response Fund, as well as a technical support grant of EUR1.8 million from other donors.
“Ukrnafta is Ukraine’s largest oil producer and operator of the national network of filling stations. In March 2024, the company took over the management of Glusco’s assets and operates 547 filling stations – 462 owned and 85 managed.
The company is implementing a comprehensive program to restore operations and update the format of its filling stations. Since February 2023, the company has been issuing its own fuel coupons and NAFTAKarta cards, which are sold to legal entities and individuals through Ukrnafta-Postach LLC.
“Ukrnafta holds 92 special permits for commercial development of fields. It has 1832 oil and 154 gas production wells on its balance sheet.
Ukrnafta’s largest shareholder is Naftogaz of Ukraine with a 50%+1 share. In November 2022, the Supreme Commander-in-Chief of the Armed Forces of Ukraine decided to transfer to the state a share of corporate rights of the company owned by private owners, which is now managed by the Ministry of Defense.
On November 19, PJSC Ukrnafta and TAS Insurance Group signed a contract for voluntary medical insurance (VMI) for employees, according to the Prozorro electronic public procurement system.
It is also noted that the place of performance of works or services: Ukraine, and the deadline: September 10, 2025. The contract is worth UAH 9.261 million.
As reported, at the end of August 2024, Ukrnafta announced its intention to enter into a voluntary health insurance agreement with TAS Insurance Group. The company’s price offer amounted to UAH 18.521 million, with the expected cost of the services procurement at UAH 18.709 million. The service delivery date is July 4, 2025.
TAS Insurance Group was registered in 1998. It is a universal company that offers its customers more than 80 types of insurance products in various types of voluntary and compulsory insurance. It has an extensive regional network: 28 regional directorates and branches and 450 sales offices throughout Ukraine.
PJSC Ukrnafta has signed an agreement with Shell to buy 51% of Alliance Holding LLC, the operator of the Shell filling station network in Ukraine, the company’s website reported on Tuesday.
“In the coming days, Ukrnafta, which has been determined as the winner of the competitive process, together with Shell will apply to the Antimonopoly Committee for a merger clearance, which is a prerequisite for completing the deal,” the press release says.
Once the merger clearance is granted, Ukrnafta will be able to fully close the deal and acquire all rights and obligations of the shareholder.
The transaction and assets were valued by investment banking advisor Rothschild & Co, the legal side of the matter was handled by Sayenko Kharenko, and the auditor was KPMG.
The value of the deal was not disclosed in the press release.
“Naftogaz Group has not only adapted to the war conditions, but is also getting stronger. We remain flexible and are not afraid to make decisions that allow the state to earn money. The profits earned by Alliance Holding will go to the state budget in the form of dividends,” said Oleksiy Chernyshov, CEO of Naftogaz.
According to Ukrnafta, all Shell filling stations will be rebranded within a year. The terms of the existing B2B contracts will be fulfilled in full. The company’s staff will also be retained – 1,550 employees working at the filling stations and head office.
“Ukrnafta’s Supervisory Board approved the decision because the acquisition of the business, which has been led by a reputable international group for 15 years, will provide the company with an expansion of its filling station network and market share, which is in line with the company’s development strategy,” said Serhiy Koretsky, CEO of Ukrnafta.
According to the press release, Shell is among the top 10 networks in terms of sales in Ukraine, with 118 operating filling stations. The network is No. 9 in terms of fuel sales in the first nine months of 2024 and No. 7 in terms of the number of filling stations located mainly in favorable areas with heavy traffic.
As reported, a joint venture between Shell and Mussa Bazhaev’s Russian Alliance Group to manage a network of filling stations in Ukraine was launched in August 2007. Shell held a 51% stake in the joint venture, while Alliance held 49%. Alliance transferred about 150 filling stations to the joint venture, while Shell contributed cash, licenses and a brand.
In 2014, it became known that a sanctioned Russian businessman, Eduard Khudainatov, had bought out Bazhaev’s oil assets. In June 2022, he was sanctioned by the European Union, and in October 2022, he was sanctioned by Ukraine.
In October 2023, the Ministry of Justice of Ukraine filed a lawsuit with the High Anti-Corruption Court of Ukraine to recover Khudainatov’s assets for the state.
As a result of the proceedings, 49% of Alliance Holding was recovered by the state. In April 2024, this share was transferred to the State Property Fund (SPF) of Ukraine.
In November 2024, Overseas Investments, a member of the Shell group of energy and petrochemical companies, registered 51% in the authorized capital of Alliance Holding pursuant to the decision of the HACC Appeals Chamber.
“Ukrnafta is Ukraine’s largest oil producer and operator of a national network of gas stations. In March 2024, the company took over the management of Glusco’s assets and operates a total of 545 filling stations – 460 owned and 85 managed.
The company is implementing a comprehensive program to restore operations and update the format of its filling stations. Since February 2023, the company has been issuing its own fuel coupons and NAFTAKarta cards, which are sold to legal entities and individuals through Ukrnafta-Postach LLC.
Ukrnafta’s largest shareholder is Naftogaz of Ukraine with a 50%+1 share. In November 2022, the Supreme Commander-in-Chief of the Armed Forces of Ukraine decided to transfer to the state a share of corporate rights of the company owned by private owners, which is currently managed by the Ministry of Defense.
In January-October 2024, Ukrgasvydobuvannya JSC and Ukrnafta PJSC increased commercial gas production by 6% compared to the same period last year, up to 12.3 bcm, according to the website of Naftogaz of Ukraine.
“Despite the hostilities, our specialists continue to drill new wells and steadily increase gas production. We are doing everything possible to ensure that Ukrainians can continue to use their own fuel during the heating season,” said Naftogaz CEO Oleksiy Chernyshov.
As reported, the consolidated quarterly report of Naftogaz forecasts that the group’s commercial gas production in 2024 will amount to 14.6 billion cubic meters. In February, Chernyshov noted that the group’s goal for this year is to get closer to 15 bcm of production.
Ukrnafta plans to drill about 30 new wells in 2025, as well as carry out workovers, equipment upgrades and production stimulation.
This was announced by the company’s CEO Sergiy Koretsky at the conference Supplier Day for State-Owned Oil and Gas Enterprises: Plans for 2025.
“In 2025, we plan to increase production by about 30 new wells. The vast majority of them will be completed with the help of third-party contractors. We also plan about 120 workovers – about 34 with the help of third-party contractors, and 52 hydraulic fracturing operations – about 30 with external support,” he said.
According to the CEO, the company will focus on upgrading equipment and improving energy efficiency: modernizing compressor stations, installing booster compressor stations and modular equipment for hydrocarbon preparation and measurement.
“We are preparing to conduct 3D seismic surveys over about 1,250 square kilometers of area. We also plan to conduct industrial and geophysical studies, design and survey work. In 2025, we will focus on pipeline surveys: about 2.5 thousand kilometers will need to be inspected to prevent gusts and emergencies,” Koretskyi said.
The company also repairs and modernizes the filling stations of the largest mono-brand network in Ukraine. About 100 existing filling stations will be partially modernized this year. Shops and cafes will be added. Modernization of the existing filling stations and construction of new complexes is the goal for the next few years.
“All Ukrnafta’s plans are impossible without reliable partners. That is why I sincerely invite everyone to follow the updates on the company’s official resources and participate in open tenders in the Prozorro public procurement system,” said the Ukrnafta CEO.
“Ukrnafta is Ukraine’s largest oil producer and operator of the national network of filling stations. In March 2024, the company took over the management of Glusco’s assets and operates a total of 545 filling stations – 460 owned and 85 managed.
The company is implementing a comprehensive program to restore operations and update the format of its filling stations. Since February 2023, the company has been issuing its own fuel coupons and NAFTACard cards, which are sold to legal entities and individuals through Ukrnafta-Postach LLC.
Ukrnafta’s largest shareholder is Naftogaz of Ukraine with a 50%+1 share. In November 2022, the Supreme Commander-in-Chief of the Armed Forces of Ukraine decided to transfer to the state a share of corporate rights of the company, which belonged to private owners and is currently managed by the Ministry of Defense.
PJSC Ukrnafta has purchased and handed over 20 AUTEL EVO MAX 4T thermal imaging copters and 60 DJI Mavic 3PRO drones, as well as control panels for the 13th Brigade of the National Guard of Ukraine “Charter”.
“This is the first batch of funds and equipment donated. Ukrnafta’s total contribution is UAH 10 million. The birds are already helping the guys in the Kharkiv sector to perform combat missions,” wrote Sergiy Koretsky, Ukrnafta’s CEO, on his Facebook page.
“Ukrnafta is Ukraine’s largest oil producer and operator of a national network of gas stations. In March 2024, the company took over the management of Glusco’s assets and operates a total of 545 filling stations – 460 owned and 85 managed.
The company is implementing a comprehensive program to restore operations and update the format of its filling stations. Since February 2023, Ukrnafta has been issuing its own fuel coupons and NAFTA cards, which are sold to legal entities and individuals through Ukrnafta-Postach LLC.
Ukrnafta’s largest shareholder is Naftogaz of Ukraine with a 50%+1 share. In November 2022, the Supreme Commander-in-Chief of the Armed Forces of Ukraine decided to transfer to the state a share of corporate rights of the company owned by private owners, which is now managed by the Ministry of Defense.
