Naftogaz Hires McKinsey Partner to Reshape Company

State-owned Naftogaz has appointed Otto Waterlander, a senior partner in management consultancy McKinsey & Co, as its executive director for group restructuring, it said January 17. In his previous role he advised businesses in the oil, gas and communal services sectors.

Naftogaz was unbundled January 1, so its primary activities now are trading, retailing and producing gas. It has lost the revenues from transporting Gazprom's gas to Europe which are now owned by a separate company controlled by the finance ministry. 

Waterlander's new job will be to introduce a new way for the company to do business and for the different divisions to work together, creating shareholder value through greater efficiencies and business development, Naftogaz said.

Waterlander has 30 years’ experience in the oil and gas sector and is a specialist in executing long-term agreements in the gas market. He began his career at the Anglo-Dutch major Shell in 1990 working in the Netherlands and Venezuela.