The Cabinet of Ministers, Ukraine's government, has approved the financial plan of National Joint Stock Company Naftogaz of Ukraine for 2021.
The government made the relevant decision at a Thursday meeting, according to the company's press service.
In case of changes in macroeconomic indicators, legislation, significant fluctuations in the markets, including on the gas market, legislation allows adjusting the financial plan up to two times during the planning year.
Read also Naftogaz changes team countering Nord Stream 2 launch At the same time, the company's press service has not published any company targets.
Reshuffle at Naftogaz
- On April 28, 2021, Ukraine's Cabinet of Ministers suspended the powers of members of the Supervisory Board of NJSC Naftogaz of Ukraine, apparently to allow shareholders to sack Chairman of the Board Andriy Kobolyev, while appointing Yuriy Vitrenko to that position.
- The move followed consideration of the company's annual report for 2020.
- The decision is a legal manipulation, Naftogaz claimed in a statement on Wednesday, April 28.
- Along with the dismissal of the Supervisory Board for two days to sack Kobolyev, it is "is a violation of the basic principles of corporate governance of state-owned enterprises," the company's press service said.
- Any decisions on the CEO's appointment or dismissal are reserved to the supervisory board and cannot be delegated, the statement adds.
- On May 1, all members of the Supervisory Board at NJSC Naftogaz of Ukraine submitted resignation letters.
- On May 5, members of the Executive Board at NJSC Naftogaz of Ukraine publicly addressed the Ukrainian government with an appeal to resolve the situation with the Supervisory Board after the latter's members had filed for resignation amid the shocker sacking of CEO Andriy Kobolyev.
- On May 12, the ambassadors of the Group of Seven (UK, US, Canada, France, Italy, Germany, and Japan) called on Ukraine government to swiftly address management issues related to NJSC Naftogaz of Ukraine.
- On May 19, the government continued cooperation with the members of the Supervisory Board at NJSC Naftogaz of Ukraine for one year.
- Ukrainian President Volodymyr Zelensky says the reason for the dismissal of Andriy Kobolyev from the post of Chairman of NJSC Naftogaz of Ukraine was the latter's failure to ensure profitability of the state-owned company.
NJSC Naftogaz of Ukraine is the country's largest state-run vertically integrated oil and gas holding whose subsidiaries account for about 90% of oil and gas production in Ukraine.
Naftogaz develops oil and gas fields, extracting crude oil and natural gas.
Its core business is also transportation and trade in fuel through its own network of filling stations.