PJSC "Ukrnafta" and the European Bank for Reconstruction and Development (EBRD) are planning to construct a state-of-the-art combined cycle power plant that will provide electricity and heat to the population, as well as generate steam for the technological processes of industrial enterprises.
As reported by "Ukrnafta" in a press release on Thursday, PJSC Director Sergey Koretsky and the company's team held a working meeting with EBRD President Odile Renaud-Basso, EBRD Director for Eastern Europe and the Caucasus Matteo Patrone, EBRD Managing Director for Ukraine and Moldova Arvid Tuerkner, and bank representatives.
"We thoroughly discussed the status of projects that the company is already working on and outlined clear steps for planning additional financing for the construction of new modern generation," noted Koretsky, whose words were quoted in the press release.
According to the Chairman of the Supervisory Board of "Ukrnafta," Duncan Nightingale, the company is working on implementing projects for energy generation from its own gas with a total capacity of up to 370 MW.
The EBRD began procurement procedures for gas power plants in December 2024 as part of a loan and donor agreement with "Ukrnafta."
The first procurement was announced for the supply of gas piston power plants and cogeneration installations for three sites with a total installed electrical capacity of about 70 MW.
The second procurement was announced for the supply of containerized gas engine power plants with a total capacity of approximately 56 MW. These are modular installations that can be relocated according to needs.
"Ukrnafta" and the EBRD signed a loan agreement for EUR 80 million in early December 2024, aimed at supplying and installing gas distributed power plants and cogeneration capacities in various regions of Ukraine.
Additionally, the EBRD loan will be co-financed with investment grants of EUR 9.5 million from the Netherlands and EUR 12.5 million from the USA, which will be directed through a special EBRD fund, as well as a technical assistance grant of EUR 1.8 million from other donors.
"Ukrnafta" is the largest oil production company in Ukraine and operates the national network of gas stations. In March 2024, the company took over the management of Glusco's assets and currently operates a total of 547 gas stations—462 owned and 85 under management.
The company is implementing a comprehensive program to restore operations and update the format of its gas station network. Since February 2023, it has been issuing its own fuel vouchers and "NAFTACard" cards, which are sold to legal and physical entities through LLC "Ukrnafta-Postach."
"Ukrnafta" holds 92 special permits for industrial development of fields. It has 1832 oil and 154 gas production wells on its balance sheet.
The largest shareholder of "Ukrnafta" is NJSC "Naftogaz of Ukraine," with a stake of 50%+1 share. In November 2022, the Supreme Commander-in-Chief of the Armed Forces of Ukraine made a decision to transfer to the state the shares of corporate rights belonging to private owners, which are now managed by the Ministry of Defense.