CEO of Ukraine's Biggest Producer Leaves

The CEO of Ukraine's largest gas producer Ukrgazvydobuvannya, Oleg Prokhorenko, is to leave the company March 15, the state-owned parent Naftogaz Ukrainy said February 8. This was to do with corporate restructuring, it said, thanking Prokhorenko for his success in ensuring production growth and introducing new ideas and technology at a financially constrained time. He had held the post for three years.

He told prospective investors at a conference in London January 29 that the company's reserves replacement ratio was greater than 100% and that with the introduction of hydraulic fracturing two and a half years ago, gas output had grown faster. He had done deals with oilfield services company Schlumberger and used an online tendering platform Prozorro to secure competitively priced goods and services, he said, not mentioning his impending departure.

Andrei Favorov, head of the integrated gas business, will take over the position until the board finds a permanent replacement, the company said.

Naftogaz at the moment is an integrated company with pipelines, gas production, import and supply all parts of its activities.