PJSC Ukrnafta, the second or third largest gas producer in Ukraine, has made a strategic decision to build gas generation, and for this purpose has already started to attract partners, Ukrnafta Director Serhiy Koretsky said at the Ukraine Recovery Conference in Berlin (URC2024).

"At the first stage, it will be about 1 GW. For this year, we see a more optimistic and more realistic plan to build at least 100 MW," he said during the URC2024 roundtable discussion on the issue of the speedy restoration of energy generation in Ukraine.

Koretsky said for this purpose, Ukrnafta, on the sidelines of URC2024, signed memorandums of understanding with Siemens Energy and Deutsche Bank in order to both obtain expertise and develop new projects based on steam and gas turbines for combined heat and power production, and to attract financing for construction of gas maneuverable generation.

At the same time, the director of Ukrnafta said for the first stage the company has more than enough liquidity in its accounts, and there is enormous support from Ukrainian banks, while memorandums with Siemens and Deutsche Bank are aimed at the following parallel tracks for the production of electricity from gas.

Koretsky said Ukrnafta is also the largest oil producer in Ukraine, and after the government took over control of the company from Ihor Kolomoisky's managers, the company generated $1 billion in EBITDA compared to a net loss of $500 million over the past ten years.

The director of the company said an independent supervisory board was recently elected, and now Ukrnafta is on the right track in implementing the corporate strategy, ESG strategy, and social responsibility strategy.