The Independent Supervisory Board of Ukrnafta held a meeting in Kyiv to recognize the excellent performance of the management and approve the strategic directions of the company for the next five years.

Over the course of ten days, the Supervisory Board members visited production facilities and held a series of meetings with the company's management, shareholders and key stakeholders.

"The transition to European standards should help Ukrnafta significantly improve its operational, financial and reputational performance in the long term. Also, as part of Ukraine's European integration, it is important that these improvements are implemented as soon as possible," said Duncan Nightingale, Chairman of the Supervisory Board.

He added that the company is actively implementing corporate governance principles in line with OECD standards. The goal is to make Ukrnafta an example of a leading company.

"At the end of the strategic planning meetings, the Supervisory Board expressed its satisfaction with the direction of Ukrnafta's development. That is why we have now set quite ambitious and challenging goals for the top management team," Duncan Nightingale emphasized.

Ukrnafta's new strategic plan envisages investments in equipment modernization and personnel development. This will be an important step in overcoming the historical challenges associated with insufficient funding and outdated Soviet material and technical facilities.

The strategy is based on the results the company has demonstrated over the past 18 months and is aimed at ensuring Ukrnafta's sustainable development and energy independence of Ukraine.

"The Supervisory Board is satisfied with the work of the CEO and the new management team of Ukrnafta, who are actively supporting and implementing changes," said Duncan Nightingale.