Ukraine westernizes its gas company

State Naftogaz Ukrainy has begun the selection process for the heads of its risk management and its compliance departments, it said January 25. These new positions are part of the company’s overhaul of its corporate governance system. Last week, the government hired a head hunter to find five members for the company’s supervisory board.

Candidates should have at least five years’ experience of relevant leadership roles in a leading Ukrainian or international company, preferably with an MBA, a CFA, ACCA or similar professional qualification, the company said.

Attracting experienced professionals to these risk management and compliance roles will speed up Naftogaz’ transformation into a modern, European company that is able to function successfully at home and abroad, said the CEO Andriy Kobolev.

The company is becoming more active in gas trade with western European companies, tendering for gas that it does not want to take from Russia. It is also preparing to spin off its gas transportation arm, to meet the requirements of the European Union.