Former Energy and Coal Industry Minister of Ukraine Volodymyr Demchyshyn has joined the supervisory board of national joint-stock company Naftogaz Ukrainy as a representative of the presidential administration.

The press service of the Economic Development and Trade Ministry reported that candidate Demchyshyn was agreed by a panel that appoints heads of especially important enterprises for the Ukrainian economy.

The ministry said that an independent supervisory board at Naftogaz Ukrainy is being created first in the history of the company. It is part of the corporate management reform. The reform meets the recommendations of the Organisation for Economic Co-operation and Development (OECD) regarding management of state-run companies. It aims at curbing risks of political interference into the operation of the holding and creating modern tools for professional management in the interests of Ukrainian citizens.

The first meeting of the board could be held on May 10 or May 11. The board chairman will be elected at the meeting.

Naftogaz Ukrainy unites oil and gas production assets in Ukraine, and is the country's gas transit, underground gas storage, and oil pipeline transportation monopoly.