During Koretskyi’s Management, Ukrnafta Did Not Achieve Any Goal of Its Own Plan, Production Is Half, Profit Is One-Eighth — Schneider

“Ukrnafta” during the tenure of Serhiy Koretskyi did not achieve any of the key goals of its own Strategic Plan for 2023–2027 years: oil production is half of what was planned, the financial result diverged from calculations by a factor of eight, and not a single megawatt of the announced gas generation megawattage has been put into operation. This was reported by economic analyst Mykhailo Shnayder in a post on his Facebook page.

“At the end of 2022 year, Koretskyi’s team entered a nationalized company under the banners of deep transformation and fixed them in a five-year document. Now the same managers are responsible for a government program for 2026–2027 years, which the Cabinet handed to the Verkhovna Rada in August,” wrote Shnayder.

He added that almost 4 years have passed.

“Yet when comparing planned indicators with reality, I am forced to state that none of the promised results have materialized, and the results we see require us to approach the prime minister’s ability to fulfill new and more ambitious promises with some caution,” Shnayder noted. The gap between declarations and reporting is illustrated by numbers. In the 2026 year, Ukrnafta was supposed to produce 2,8 million tons of oil and 1,8 billion cubic meters of gas, but considering the failure at the beginning of the year, a more realistic target is 1,4 million tons and 1,2 billion cubic meters. The financial part diverged even more: instead of 233 billion UAH of net revenue and 45 billion UAH of profit for 2025 year, the company showed 99 billion UAH and 5,6 billion UAH.

“The main complaint here is not even the figures themselves, but that money was available for the leap within the company,” the analyst says.

According to him, having over the last 3 years a net profit of more than 40 billion UAH and wide state support, Ukrnafta not only failed to fully implement its own plan but also failed to ensure the basic stable operation of the enterprise in wartime. “Now that there is no money—by the way, where was it spent?” he asked.

Transferring the same managerial approach to the national level, Shnayder accepts it without enthusiasm.

“The Government’s program is a challenge of a completely different scale and nature, and frankly, the example of strategic planning in Ukrnafta makes it prudent to assess the capacity of this government team to set and achieve program goals,” he believes.

Separately, Shnayder emphasizes a personnel decision that became known in 20 September. The Supervisory Board of Energoatom, following an international competition, chose Yuriy Tkachuk — the current CEO of Ukrgasvydobuvannya, who previously held senior financial roles in Ukrnafta and together with Koretskyi and Rostyslav Shurma prepared strategic and financial documents for the company in 2023 year. Shnayder’s complaints about the future head of the atomic company’s biography do not concern energy.

“An ‘effective manager’ who has worked for many years for the now-sanctioned Russian oligarch Konstantin Grigorishin,” the analyst writes.

CJSC Zaporizhtransformator, where Tkachuk in 2016–2019 years was an advisor on financial and economic matters, was driven into bankruptcy, and later the state nationalized the enterprise. The beginning of the war in 2014–2015 years, according to his work biography, the future head of the company spent in Grigorishin’s Moscow office, Shnayder writes.

Earlier, Ukrainian Prime Minister Serhiy Koretsky warned that the state finances situation was approaching a critical point.