Will the Head of Naftogaz Save Ukraine's Economy?

Ukrainian President Volodymyr Zelenskyy nominated the head of the state energy company "Naftogaz" to be the country's next prime minister on Wednesday.

Ukrainian Parliament Speaker Ruslan Stefanchuk said via Facebook that "the parliament received the nomination of the CEO of (Naftogaz), Serhiy Koretsky, to assume the premiership."

Stefanchuk did not specify the date of the vote in parliament, known as the "Verkhovna Rada," but it is expected to take place early Thursday.

Zelenskyy had announced on Sunday his intention to carry out a cabinet reshuffle aimed at strengthening relations with key international partners.

Defense Minister Mykhailo Fedorov is also expected to lose his post, which he assumed last January, amid reports of disagreements between him and the General Staff of the Army.

In a Facebook post on Wednesday, Fedorov appeared to confirm his dismissal, writing that "serving the Ukrainian people as Minister of Defense was a great honor."

Ukrainian media, citing unnamed sources, reported that the post of Defense Minister was offered to Interior Minister Ihor Klymenko.

Parliament had approved last Tuesday the resignation of Prime Minister Yulia Svyrydenko and her government less than a year after she assumed the post.

This cabinet reshuffle represents the second change in the position of Prime Minister since the Russian war in February 2022, and the fourth in the position of Defense Minister if Fedorov is replaced.

The Company's Economic Standing

"Naftogaz" is the largest energy group owned in Ukraine, operating in the production, storage, distribution, and sale of gas and oil, according to company data.

Economically, the company represents a fundamental pillar for energy security and public finances, as it serves millions of families and pays significant taxes to the state.

The company is led by Serhiy Koretsky, an executive with extensive experience of nearly 20 years in the oil and fuel sector and the management of state-owned companies.

He assumed the presidency of Naftogaz in May 2025, after succeeding in improving the performance of other Ukrainian energy companies and returning them to profitability. His management style focuses on increasing production, controlling costs, improving collection, and attracting external financing.