PJSC Ukrnafta, Ukraine’s largest oil producer, is intensifying engagement with investors and donors to implement major strategic projects in 2026. This was announced by Duncan Nightingale, Chairman of the company’s Supervisory Board.
Over the past nearly two years, Ukrnafta has undergone a deep corporate governance transformation — building a transparent decision-making system, implementing OECD standards, and restoring trust among the state, shareholders, and potential partners. This process has laid the foundation for a more active investment policy.
The company now holds monthly, and often weekly, Supervisory Board meetings to review financial, investment, and strategic development plans. This approach enables detailed evaluation of potential projects and the formation of a strategic framework for capital raising.
Key Investment Areas
Among the priority projects for which the company seeks financing:
- drilling new oil and gas wells to increase production;
- upgrading and modernizing equipment, including gas processing facilities and compressor stations;
- implementing regional gas-to-power projects to ensure energy independence of production processes;
- modernizing the company’s retail fuel station network, including sites acquired following the purchase of Shell’s network;
- raising funds from international banks and donors to finance large-scale projects.
The Supervisory Board Chairman emphasized that the company will be highly active this year in seeking both investors and donor funding, particularly from international financial institutions.
According to Nightingale, Ukrnafta now demonstrates effective corporate governance practices within the state sector. The company focuses on:
- transparency in contractor selection and procurement procedures;
- strict compliance with legislation and internal policies;
- comprehensive legal, financial, and compliance due diligence prior to decision-making;
- close coordination between the Supervisory Board and executive management.
This enables Ukrnafta not only to stabilize financial performance under wartime conditions but also to develop long-term investment strategies aligned with best corporate governance practices and international standards.
Nightingale also noted that the company has established communication with investors at international conferences, including in Davos, where it presents cooperation opportunities and investment project pipelines. However, the ongoing war remains the primary constraint, limiting the physical presence of most large international players in Ukraine.
At the same time, interest is growing among companies with higher risk tolerance and international banks prepared to invest through financial instruments such as funds and credit facilities.
The approved financial plan for 2026 is currently being adjusted to account for intensified attacks on production facilities. The company’s key priorities remain:
- ensuring stable oil and gas production;
- maintaining operational stability;
- modernizing core assets;
- implementing gas-to-power projects.
