KYIV – Ukraine has appointed a new supervisory board to oversee state-owned natural gas monopoly Naftogaz, Prime Minister Denys Shmyhal said on Tuesday, meeting a requirement of a financial assistance programme from the International Monetary Fund.
Shmyhal told a government meeting that the new board consisted of four independent members and two representatives of the state, according to a video of the meeting posted on his Telegram channel.
Ukraine’s economy is heavily dependent on foreign aid since Russia launched a full-scale invasion of the country on Feb. 24.
Naftogaz is Ukraine’s largest national oil and gas company and its subsidiary, Ukrtransgaz, operates a pipeline system that carries Russian gas to Europe.
Naftogaz’s recently appointed CEO, Oleksiy Chernyshov, promised late last year to boost international investors’ confidence in the firm.
One of Chernyshov’s predecessors is currently under investigation by Ukraine’s anti-corruption authorities on suspicion of embezzling the equivalent of around $10 million.