The supervisory board of PJSC Ukrnafta is close to finalizing its strategic five-year investment plan, with only minor adjustments being made based on shareholder feedback. Duncan Nightingale, Chairman of the Supervisory Board, shared this development in an interview with Interfax-Ukraine.

"The five-year investment plan defines the budget and operational program, enabling Ukrnafta to continue its activities, increase production, drilling, and reserves replenishment, while also generating net profit, paying dividends to shareholders, and contributing taxes to Ukraine's budget," Nightingale explained in a brief interview.

He emphasized that the main objective is for the company to fulfill its essential function during the war while also growing, developing, and presenting attractive economic projects to shareholders.

When asked about the possibility of Ukrnafta returning to the stock market, Nightingale noted that this is not a priority.

"Whether Ukrnafta will become a public company again depends on the shareholders and the Ukrainian government's strategy. For now, this issue is not a priority as Ukraine is dealing with more urgent operational matters. I expect this topic to become more relevant during the post-war recovery process," he said.

Regarding the shareholders' letter of expectations, Nightingale mentioned that the list is being discussed within the government and will likely first be presented to shareholders, including Naftogaz Ukrainy and the Ministry of Defense, before being reviewed with Ukrnafta.

"Naftogaz is one of Ukrnafta's shareholders and is also involved in hydrocarbon production. Therefore, Ukrnafta's results are part of Naftogaz's growth plan. We are an important component of Naftogaz's investment program," Nightingale said.

Regarding Ukrnafta's announced deal to purchase a 51% stake in Shell's gas station network in Ukraine, Nightingale said that the supervisory board has not yet considered the acquisition of the remaining 49% now under state control.

"For now, we are focusing on completing the deal for the 51% stake," he said.

Ukrnafta is Ukraine's largest oil extraction company and operates a national network of filling stations. In March 2024, the company took over the management of Glusco assets, and now operates 544 filling stations – 461 of its own and 83 under management. Based on the results of 2024, Ukrnafta became third in the gas station market, while Shell with its 118 gas stations was ninth based on the results of the first nine months of 2024.

The largest shareholder in Ukrnafta is Naftogaz Ukrainy, which holds a 50% plus one share.

In November 2022, the General Staff of the Armed Forces of Ukraine decided to transfer the corporate rights of the company, previously owned by private shareholders, to the state. The Ministry of Defense now oversees these shares.