Naftogaz of Ukraine expects to finish forming Ukrnafta supervisory board by April

MOSCOW. Feb 29 (Interfax) - Naftogaz of Ukraine expects to finish forming the independent supervisory board of PJSC Ukrnafta before the end of the first quarter of 2024.

"We expect to finalize the composition of the Ukrnafta supervisory board by the end of the first quarter," Ukrainian media quoted Naftogaz CEO Alexei Chernyshov and Naftogaz Supervisory Board Chair Anthony Marino as saying in a joint article for the Kyiv Post online newspaper.

Candidates for independent members of the board have already been chosen, a government source told Ukrainian media. Representatives to the Ukrnafta supervisory board from the shareholders - Naftogaz of Ukraine and the Defense Ministry - are yet to be endorsed.

The company earlier expected to finalize the Ukrnafta supervisory board before the end of 2023.

As reported earlier, the Headquarters of the Supreme Commander-in-Chief ruled on November 5, 2022 to expropriate Ukrnafta shares, except for the stake held by Naftogaz, as military assets while martial law remains in effect. A stake of about 42% was owned by the firms belonging to Igor Kolomoisky and Gennady Bogolyubov prior to the expropriation.