Ukraine Fires Head of Naftogaz, Risks Unnerving Investors
- Naftogaz says dismissal violates corporate-governance reform
- G7 ‘noted’ Kobolyev’s ouster, urges effective management
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Ukraine’s government dismissed the long-serving head of state-run oil and gas company Naftogaz Ukrainy, threatening to complicate talks to access a $5 billion international bailout.
The cabinet on Wednesday dismissed Andriy Kobolyev, Naftogaz’s chief executive officer since 2014, citing a 19 billion-hryvnia ($684 million) loss last year, according to a statement published on its website. Acting Energy Minister Yuriy Vitrenko was appointed as CEO, while parliament approved Herman Halushchenko as new energy minister on Thursday.