Andriy Kobolyev, CEO of Naftogaz of Ukraine, Yuriy Vitrenko, Managing Director for Business Development at Naftogaz, and Oleg Prokhorenko, CEO of Naftogaz upstream division Ukrgazvydobuvannya (UGV) had a meeting with a delegation of the US government represented by Amos Hochstein, Special Envoy and Coordinator for International Energy Affairs in the Bureau of Energy Resources of the US Department of State, Geoffrey Pyatt, the US Ambassador to Ukraine, and other delegates.

The US officials have positively assessed and expressed their support of the ongoing reform of Naftogaz and Ukraine’s gas market. They have also commended the implementation at Naftogaz of the corporate governance reform based on OECD principles for state-owned enterprises. The delegation has noted the remarkable progress Naftogaz achieved in diversifying Ukraine’s sources of imported gas.

 

Andriy Kobolyev expressed gratitude for the continuing support Naftogaz receives from the US Department of State. “The importance of the US government support can hardly be overestimated. We are determined to continue reforming Naftogaz and Ukraine’s gas market to build a solid basis for growth of our country’s economy. This task is a challenge both technically and politically. We are happy to enjoy the ongoing and unfailing support of our international partners in pursuing this ambitious goal,” said Naftogaz CEO.

The projects successfully completed with the support of the US government cover, i.a., an assessment of existing upstream infrastructure and reforming the procurement procedures at UGV.

The group currently implements a number of additional projects supported by the US Department of State. They are aimed at improving operational efficiency and governance of Naftogaz and its subsidiaries. These projects include the development of a modernization plan for UGV’s drilling equipment and analysis of the company’s gas deposits. Other ongoing projects cover modernization of financial reporting systems, upgrading capital investment and management accounting procedures.

Naftogaz team discusses further projects related to internal controls system, risk management, human capital development, IT solutions, energy efficiency and environmental safety.