PJSC Ukrnafta, the largest oil company in Ukraine, plans in 2016 to increase investment to UAH 1.3 billion from UAH 500 million last year, which will allow to slow down the decline in production, Ukrnafta Board Chairman Mark Rollins has said.

"The planned level of investment will not allow to stabilize production, however the fall will slow down," he told journalists in Kyiv.

Rollins added that initially the company planned an investment program for 2016 in the amount of UAH 2.5 billion, but it had to revise downwards because of the fall in oil prices in the world market.

According to the company head, Ukrnafta this year will drill three wells (production is scheduled for 2016), as well as renovate the capacity for repairs of electric pump equipment.

As reported, Ukrnafta is the largest oil extracting company in the country.

Naftogaz Ukrainy owns a 50% plus one share stake in Ukrnafta, a group of companies associated with the shareholders of PrivatBank holds about 42% of the shares.