Cabinet of Ministers fires Kobolyev, appoints Vitrenko as Naftogaz CEO

"From April 28, 2021, the powers of independent members of the Supervisory Board of NJSC Naftogaz of Ukraine, representatives of the state in the Supervisory Board of NJSC Naftogaz of Ukraine, as well as CEO of NJSC Naftogaz of Ukraine Andriy Kobolyev, shall be terminated. Independent members and state representatives on the company's Supervisory Board will continue to exercise their powers until election and appointment of new representatives. It was also decided to elect and appoint Yuriy Vitrenko as CEO of NJSC Naftogaz of Ukraine from April 29, 2021," the report reads.

The new chairman of the company is tasked with systematically increasing Ukrainian gas production, as well as assisting in the formation of a full and fair gas market in Ukraine.

During the meeting, the report on the activities of NJSC Naftogaz of Ukraine in 2020 was considered. The net consolidated loss of the Naftogaz group of companies in 2020 amounted to UAH 19 billion. At the same time, the company's financial plan approved by the Cabinet of Ministers provided for a profit of UAH 11.5 billion. According to the results of the general assembly of shareholders, the work of the Supervisory Board and the Management Board of NJSC Naftogaz of Ukraine in 2020 was considered unsatisfactory.

As reported, in March 2020, the Cabinet of Ministers extended the contract of CEO of NJSC Naftogaz of Ukraine Andriy Kobolyev for four years, until March 2024. Kobolyev was appointed CEO of Naftogaz in March 2014.

Yuriy Vitrenko held the position of Executive Director of NJSC Naftogaz of Ukraine in 2018. In December last year, he was appointed as Ukraine's acting energy minister.

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