Naftogaz

Naftogaz of Ukraine (Ukrainian: НАК "Нафтогаз України", Naftogaz Ukrainy; literally "Petroleum-Gas of Ukraine") is the largest national oil and gas company of Ukraine. It is a state-owned company subordinated to the Government of Ukraine. The vertically-integrated company carries out a complete cycle of exploration, extraction, transportation, and refinement of natural gas and crude oil, and the supply of natural and liquefied gas to consumers. Ukraine's system of trunk natural gas pipelines and underground natural gas depots is operated by Ukrtransgaz, a subsidiary of Naftogaz. The company operates 38,200 km of high pressure gas transit pipelines and has more than 30 billion cubic meters of gas storage capacity. This major gas infrastructure located between Russia and the European Union has led the company to feature prominently in regional politics. Another subsidiary of Naftogaz, Gas of Ukraine, is responsible for domestic gas distribution to the local district heating companies. Naftogaz is a major Ukrainian employer with over 100,000 employees (as of 2025). The former PwC management consultant Andriy Kobolyev took over as CEO after the 2014 Ukrainian revolution tasked with reducing the country's dependence on Russian gas and reforming the company's business practices. On 29 April 2025, the Supervisory Board of Naftogaz appointed Serhii Koretskyi as the new CEO of the company. The group is one of Ukraine's largest taxpayers. The net consolidated profit of Naftogaz Group companies in 2023 amounted to UAH 23.1 billion against a loss of UAH 79.1 billion a year earlier. During 2024, the Group generated a net profit of UAH 38 billion, up UAH 15 billion or 64% from 2023. Gross profit for 2024 rose to UAH 89.1 billion, up from UAH 48.5 billion in 2023. Operating profit reached UAH 51.1 billion, an increase of nearly UAH 13.3 billion, or 32%, compared to the previous year.