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Automatically translated version. May contain inaccuracies compared to the original.
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The Unsinkable Malychyk. The sacred cow of the budget and the untouchability of questions
You want to call the oil and gas sector a cow when conversations about its leaders become wrapped in words like “strategic importance,” “state interest,” and “irreplaceable experience.” But it is not sacred. Nor are the offices around it.
🧠🧡🧡🧡🧡🧡🧡 is interested — who runs production, who signs the sales, how the price is justified, who repays the debts, and what the leadership is paid millions for.
Its hero does not need an invented secret nickname. Serhiy Koretsky named him openly, telling in February 2023 about the change in the former “Ukrnafta” team: “Only one leader remained from the former top management — Oleg Malychyk, who is responsible for production.” The personnel refresh had one exception.
Malychyk’s story — in 2017–2020 he headed Ukrnafta’s western division, in 2020–2022 the production and technology department, and later held senior technical positions, serving as chief engineer. Malychyk then led Ukrnaftoburinnia, which was placed under Ukrnafta’s management. In August 2026 the head of Ukrnafta, Bohdan Kukura, named him responsible for production in the formed board.
Before counting personal compensation, it’s worth looking at the decisions that are supposed to bring money to the enterprise. Extracted gas and the funds received for it are different stages of the work.
The gas was sold. And the money? In a Supreme Court ruling dated 30 April 2024 in case No.910/10322/23 Malychyk appears as the signatory of an agreement dated 24 November 2020 on behalf of the joint activity of Ukrnafta and Ukrkarpatoil; the buyer of the gas was United Energy. The dispute concerned payment for the delivered gas, in particular the principal debt of 17,5 million UAH.
And here the question of price begins. What price benchmark was applied, on what date, for what volume and under what delivery terms? Did it provide for prepayment, deferral, or collateral?
Corporate wars
Another level of this story concerns not the sale of gas but control over the company. The court dispute over Ukrnaftoburinnia recreates the transfer of management of a 99,99% stake through asset seizure, a government order, and an ARMA agreement with Ukrnafta in July 2023. ARES SYSTEMS LTD challenged the meeting’s decisions, including the election of Malychyk, but on 10 October 2024 the Commercial Court of Kyiv dismissed the claim.
Millions for results. Which ones?
For 2025 year Malychyk has 27,75 million UAH in salary from Ukrnaftoburinnia. For 2024 — 18,4 million UAH from the same company: an increase of about 50,8%. A large salary requires an equally clear explanation: for what tasks, indicators, and results? The declaration answers the question “how much.” The contract, the bonus rules, and the evaluation of task performance must answer “why.”
Malychyk’s funds are listed at PrivatBank, Sense Bank, and OTP Bank; the largest personal hryvnia amount, 5,35 million UAH, is shown at Sense Bank. And that is far from all the wealth the official has received.
A signature that can be checked
There are also court documents. In one episode, the court annulled a disciplinary sanction formalized by an order bearing Malychyk’s signature; in another, it approved a settlement he signed on behalf of the company for 8,87 million UAH.
Likewise, you cannot hide an inconvenient fact for the accusatory narrative: after the suspension of the Sakhalin field, UNB resumed operations in August 2024; according to ARMA’s official statement, the enterprise’s net profit for that year was 1,19 billion UAH. Recovery must be taken into account. Actions during a crisis still need to be evaluated.
With this piece we open a series of publications. Stay with us.
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