Ukrnafta completes work on five-year strategic investment plan

The management and supervisory board of PJSC Ukrnafta are completing work on the strategic investment plan for the next five years, the company's press service reported on Wednesday.

The document was discussed at a meeting of the supervisory board, which was present in Ukraine in full for the second time this year, having held dozens of meetings with managers, shareholders and key stakeholders in October.

"After completing the strategic planning meetings, the supervisory board noted satisfaction with the direction of Ukrnafta's development. Therefore, we have now set quite ambitious and challenging goals for the top management team," said Duncan Nightingale, head of the supervisory board.

According to him, the new strategic plan provides for attracting investment in equipment modernization and personnel development. This will be an important step in overcoming historical challenges associated with insufficient funding and the company's outdated Soviet material and technical base.

In addition, international management practices and corporate governance principles in accordance with OECD standards are being actively implemented.

"The transition to European standards should help Ukrnafta significantly improve its operational, financial results and reputation in the long term. It is also important that these improvements are implemented as soon as possible within the framework of the European integration that Ukraine is undergoing," Nightingale added.

Ukrnafta is Ukraine's largest oil extraction company and operates a national network of filling stations. In March 2024, the company took over the management of Glusco assets, and now operates 545 filling stations – 460 of its own and 85 under management.

The company is implementing a comprehensive program to renew operations and modernize the format of its filling stations. Since February 2023, Ukrnafta has been offering its own fuel vouchers and NAFTA Cards, which are sold to both legal entities and individuals through Ukrnafta-Postach LLC.

The largest shareholder in Ukrnafta is Naftogaz Ukrainy, which holds a 50% plus one share. In November 2022, the General Staff of the Armed Forces of Ukraine decided to transfer the corporate rights of the company, previously owned by private shareholders, to the state. The Ministry of Defense now oversees these shares.