REUTERS
Personnel changes are due to the continued transformation of the Naftogaz Group.
Andriy Favorov is stepping down as Director of Integrated Gas Division at NJSC Naftogaz of Ukraine, as well as Acting CEO of Ukraine's largest natural gas producer Ukrgazvydobuvannya.
Read alsoNaftogaz Supervisory Board extends contract with Kobolyev
Personnel changes are due to the continued transformation of the Naftogaz Group. Gas extraction and sales were combined into one division for the period of the PSO (public special obligations). Since May 1, 2020, Ukraine has committed itself to completely liberalize its gas supply market for domestic consumers and to provide conditions for competition. The PSO regime has been terminated, therefore Naftogaz is adapting the structure to new market conditions and revising the logic of integration. The integrated gas business, according to plans for further transformation of Naftogaz, will be unbundled into production and commercial activities. At the moment, their formation is underway, according to Naftogaz press service.
First Deputy General Director Oleksandr Romaniuk will temporarily act as Ukrgazvydobuvannya CEO.
As UNIAN reported earlier, Favorov took the helm of the Integrated Gas Division at NJSC Naftogaz of Ukraine in late 2018.
UNIAN memo. NJSC Naftogaz of Ukraine is the largest state-run vertically integrated oil and gas holding whose subsidiaries account for about 90% of oil and gas production in Ukraine. Naftogaz develops oil and gas fields, produces crude oil and natural gas. Its core business is also transportation and trade in fuel through its own network of filling stations.