Yatseniuk pledges to reshuffle Ukrnafta management with new shareholder agreement

The top management of oil producer Ukrnafta, in which the state has a controlling stake, will be reshuffled and the stockholders will sign a new agreement, Ukrainian Prime Minister Arseniy Yatseniuk has said.
"We own a controlling stake [in Ukrnafta]. This means that the management will undergo changes, and a new shareholder agreement will be signed," he said in parliament on Friday.
He said that such measures will ensure that the state receives UAH 1.780 billion in Ukrnafta dividends.
Ukrainian Energy and Coal Industry Minister Volodymyr Demchyshyn in turn said that the government will only be able to reshuffle Ukrnafta's management after May 26 when a respective law becomes effective, and after NJSC Naftogaz Ukrainy, which has 50% plus one share in Ukrnafta, and the ministry are able to hold meetings of the company's supervisory board and shareholders.
As reported, at a meeting on November 10, 2014, Ukrnafta's deadline to pay dividends for 2011-2013 worth UAH 3.799 billion was set at April 10, 2015.
According to Ukrnafta, UAH 120 million of the said sum has already been transferred to Ukraine's national budget.
In total, from 2003 to 2010, Ukrnafta paid UAH 9.093 billion in dividends.
NJSC Naftogaz Ukrainy owns 50% plus one share in Ukrnafta, a group of companies affiliated with Dnipropetrovsk-based PrivatBank holds around 42% of shares. Privat is now in charge of operating the management of Ukrnafta.