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    Kyiv, Naftogaz supervisory board discuss way forward


The resignations were due to take effect May 14.

by: William Powell

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Natural Gas & LNG News, Europe, Premium, Corporate, Corporate governance, Political

Kyiv, Naftogaz supervisory board discuss way forward

The supervisory board of state Naftogaz Ukrainy, which handed in its notice April 30 following the dismissal of CEO Andriy Kobolev, is in talks with government about the way forward, the company told NGW May 19. Chaired by Clare Spottiswoode, the members' notice period was due to end May 14.

The dismissal and subsequent resignations had sent shock-waves across the investment community in the European Union and the US, who had worked to strengthen Ukraine's corporate governance of state enterprises. The EU had also brokered successive winter gas deals between Russia and Ukraine in the interests of EU security of gas supply. There are now fears that the gas held in store in Ukraine is not as secure as it was before the replacement of Kobolev with acting energy minister Yuri Vitrenko at the end of April.

"The government is currently in discussions with the outgoing supervisory board members and Ukraine’s international partners on the next steps," the company told NGW by email. So far there has been no outcome. The company had announced the appointment of a head of corporate communcations May 14 but only in the Russian and Ukrainian pages of its website.