Finland is supporting the reconstruction of Ukraine’s war-torn energy sector by allocating 28.5 million euros from its development cooperation funds.
According to a press release from the Finnish Ministry of Foreign Affairs, the total cost of the power plant technology is 46.5 million euros, with Ukraine financing the remainder of the project on its own.
Wärtsilä Finland Oy was selected as the supplier. The power plants will be manufactured in Vaasa, which will also contribute to job creation, the development of expertise, and exports in Finland.
The Ukrainian state-owned energy company Ukrnafta is purchasing these power plants to ensure energy production in the country. Reliable energy production is of vital importance, especially during the winter months, when Russian attacks on energy infrastructure complicate daily life in Ukraine.
According to Minister of Foreign Trade and Development Ville Tavio, this project combines Finland’s support for Ukraine with the advantages of Finnish technology.
“Finland possesses world-class expertise in the energy sector, which can be of great help to Ukraine in its recovery efforts. I am pleased that Finnish technology and Finnish workers are contributing to strengthening the security of Ukraine’s energy supply. At the same time, this project promotes Finnish exports and employment,” Minister Tavio noted.
Finland’s funding for the project is provided through the Finnish-Ukrainian Investment Fund (FUIF). The FUIF’s goal is to support public investments in Ukraine using Finnish technology, expertise, and services. Finland’s financial resources will be used to cover the interest expenses and principal amount of the investment loan that Ukraine will receive. Finvera is providing a 100% export guarantee for this loan.
In 2026, Ukrnafta JSC will allocate an additional 2.5 billion hryvnia to protect its production infrastructure from shelling by Russia, which has intensified, said Bogdan Kukura, the company’s chairman of the board.
“We have shifted our priorities toward protecting facilities and ensuring the safety of equipment through underground construction. Therefore, this year we are allocating an additional 2.5 billion hryvnia to protect (production – IF-U) infrastructure; this is a huge investment,” he said in an exclusive interview with Interfax-Ukraine.
According to him, the drilling plan for this year calls for 15 wells to be completed. At the same time, Kukura suggested that, thanks to a balanced drilling program, there is a possibility this figure could increase. (Last year, the company set a drilling record, bringing the total to 25 wells – IF-U).
“A total of 11 wells have already been drilled since the beginning of the year—including those drilled jointly with Ukrgazvydobuvannya. But for us, it is not so much the quantitative figure that matters as, first and foremost, economic efficiency, production rate, and the contribution to increasing output,” Kukura noted.
He noted that the collaboration between “Ukrnafta” and “Ukrgazdobycha” has proven effective, and together the companies have drilled three high-yield wells, each with a depth ranging from 4.5 to 5.6 km.
“This project has confirmed the effectiveness of combining the expertise of state-owned companies, so we plan to continue developing this kind of cooperation in the future,” emphasized the CEO of Ukrnafta.
Kukura also noted that the company has suspended the UKRNAFTA network expansion program in the east due to constant shelling by Russia, which “would render all modernization efforts futile,” and is currently focused on protecting its facilities there. At the same time, he noted that in the west of the country, UKRNAFTA is working as hard as possible to continue modernizing gas stations and is allocating part of the funds received from commercial operations toward this effort.
“Overall, we are trying to maintain a balanced allocation of revenue from both segments—production and commercial operations,” Kukura emphasized.
As previously reported, in this interview, Kukura stated that JSC “Ukrnafta’s” oil production losses for the first half of 2026 amounted to 150,000 metric tons—this includes both physical losses, i.e., oil that burned as a result of shelling, and the volume of oil not produced due to operational shutdowns. According to him, oil losses in the first half of 2026 significantly exceed the figures for the same period of the previous year.
In the first seven months of 2026, Russia destroyed 37 gas stations belonging to the Naftogaz Group; some of them were successfully restored, but the rest sustained critical damage and ceased operations.
In July 2026, the state-owned company Ukrnafta increased its diesel fuel imports by 2.4 times compared to July of last year—to nearly 60,000 metric tons—ranking second among the country’s largest importers.
These figures were reported by the “A-95 Consulting Group.” A total of 134 companies imported diesel fuel in July.
The OKKO Group retained first place, importing more than 73,000 metric tons of diesel fuel. Its imports rose by 32% compared to July 2025.
Ukrnafta accounted for about 59,800 metric tons, or approximately 10.6% of the country’s total diesel fuel imports in July.
UPG took third place with 53,200 metric tons. Next came Energo Trade JSC with 50,700 metric tons and WOG with 42,900 metric tons.
Thus, the five largest importers together imported about 280,000 metric tons of diesel fuel—nearly half of the total volume of supplies to Ukraine in July.
Among the major market players, the Western Fuel and Energy Company (ZPEK) demonstrated the highest growth rate, increasing its imports by a factor of 5.3—to approximately 32,000 metric tons.
The sharp increase in Ukrnafta’s purchases comes amid its growing role in the Ukrainian petroleum products market following the expansion of its own network of gas stations and trading operations.
Overall, Ukraine imported 562,000 metric tons of diesel fuel in July—5% more than a year earlier.
However, despite the rise in imports, A-95 reported a fuel shortage in the market. Analysts cite several reasons for this, including increased demand following a rise in global prices, higher purchases by industrial and private consumers, and increased consumption due to the shift in agricultural exports toward road and rail transport.
In August, analysts expect the situation to gradually normalize thanks to a decline in global prices and an increase in fuel supply.
Ukrnafta specialists have developed and implemented their own software suite, WellWorkoverSupervisor, for planning and managing well workovers.
“This solution was developed in-house based on the practical experience of the company’s specialists, taking into account international best practices,” the company announced on Tuesday.
Ukrnafta explained that well workovers are one of the most complex production processes, as working with equipment at depths of several thousand meters requires precise engineering calculations, high-quality preparation, and strict adherence to safety requirements.
Previously, the company did not have a single standardized software tool for such calculations. Some of the work was performed manually or using outdated software, which took more time and increased the risk of errors.
However, engineers from the Well Repair Supervision Division of the Production and Technology Department have developed their own software product that meets the company’s actual production needs.
“Digital transformation is not just about purchasing off-the-shelf IT solutions. It also involves developing our own engineering expertise and creating tools that directly improve production efficiency,” said Bogdan Kukura, Chairman of the Board of JSC “Ukrnafta.”
According to him, the use of WellWorkoverSupervisor has already made it possible to reduce the time required to prepare work plans, minimize the risk of errors in calculations, and improve production safety.
WellWorkoverSupervisor includes over 30 specialized modules and allows users to automate key technical calculations, create graphs and engineering diagrams, generate ready-to-use PDF reports, and utilize a built-in reference guide for pipes, threaded connections, and equipment.
In terms of functionality, the software suite is on par with expensive foreign counterparts, Ukrnafta added.
JSC “Ukrnafta” is Ukraine’s largest oil production company, carrying out a full cycle of activities in the field of extraction: exploration, oil and gas production, the provision of oilfield services, as well as the management of UKRNAFTA, the largest network of gas stations in Ukraine.
The company’s balance sheet includes over 1,106 oil wells and 131 gas wells.
The shareholders of JSC “Ukrnafta” are NJSC “Naftogaz of Ukraine” and the Ministry of Defense of Ukraine. Since 2022, the company has been under state management and is implementing a large-scale business transformation.
By the end of 2025, “Ukrnafta” had become the leader in the extraction industry with a turnover of 99.6 billion UAH, as reflected in Opendatabot’s Index of Top Companies.
The UKRNAFTA gas station network is the largest in Ukraine, comprising nearly 700 stations and ranking among the top three in terms of fuel sales volume. The UKRNAFTA brand now unites networks that previously operated under the Glusco, Shell, and U.Go brands.
“Ukrnafta” transferred another 1.43 billion hryvnia in dividends to the state budget.
Since the company came under state control, the total amount of dividends paid has already reached 16.73 billion UAH.
“Despite the widespread destruction of production infrastructure caused by Russian attacks, the need to restore and replace damaged equipment, as well as additional investments in facility security, “Ukrnafta” ensured stable transfers of a portion of its net profit to the state budget in 2025,” said Bohdan Kukura, Chairman of the Board of JSC “Ukrnafta.”
Currently, the intensity of shelling and destruction of the company’s production infrastructure and network of gas stations in frontline territories is increasing. Additional factors affecting the company’s financial condition include the global oil crisis, the need to import additional volumes of fuel in early 2026 to avoid a shortage of petroleum products in the country, and the obligation to allocate all domestically produced gas to meet the needs of the population.
Even under these conditions, the company maintains operational stability, continues production, supplies the country with high-quality fuel, invests in development, and fully fulfills its obligations to the state and local budgets.
JSC “Ukrnafta” is Ukraine’s largest oil producer and operates the country’s largest national network of gas stations—UKRNAFTA. In 2024, the company began managing Glusco’s assets. In 2025, it finalized an agreement 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 resume 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 NAK Naftogaz of Ukraine, with a stake of 50% + 1 share.
In November 2022, the Supreme Commander-in-Chief of the Armed Forces of Ukraine decided to transfer to the state the portion of the company’s corporate rights that belonged to private owners; this portion is now managed by the Ministry of Defense.
The Commercial Court of Lviv Oblast declared PJSC “Galicia” Oil Refining Complex (Drohobych Oil Refining Complex) bankrupt, with total creditor claims exceeding 18 billion UAH, and initiated liquidation proceedings, according to a court ruling dated June 25, 2026, published in the Unified State Register of Court Decisions.
“PJSC ‘Galychyna Oil Refining Complex’ is hereby declared bankrupt, and liquidation proceedings are hereby initiated. The term for conducting the liquidation proceedings is set at twelve months,” the document states.
The court hearing is scheduled for September 22, 2026, and will take place at the Commercial Court of Lviv Oblast.
According to the court ruling, control over NPK “Galychyna,” whose total debt exceeds 18 billion hryvnias, is transferred to a creditors’ committee comprising the state-owned companies JSC “Ukrnafta” and PJSC “UkrTatNafta.”
The court concluded that the complex’s financial and asset situation is critical, as its operations have been deeply unprofitable in recent years. Specifically, the company’s losses totaled nearly 7 billion hryvnias in 2024 and over 3.46 billion hryvnias in 2025, while the shortfall in assets to cover its debt amounts to more than 15.2 billion hryvnias.
The Drohobych-based NPK “Galychyna” is considered an asset of Ihor Kolomoyskyi and his business partners and has been under seizure since 2023.
BANKRUPTCY, LIQUIDATION, UKRNAFTA, НПК Галичина, УКРТАТНАФТА
