You're reading: Naftogaz considers work of Ukrnafta board unsatisfactory

Naftogaz Ukrainy considers the work of the Ukrnafta board to be unsatisfactory and intends to propose its shareholders fix this fact at a meeting scheduled for July 22, 2015.

“Our [the shareholders’] decision on recognizing the work of the company’s board unsatisfactory is based on one fact – non-payment of dividends. That’s enough for us,” Naftogaz Head Andriy Kobolev said at a meeting of the Ukrnafta supervisory council in Kyiv.

He added the revision commission should clarify the reason for non-payment of dividends.

The member of the supervisory council, businessman Ihor Kolomoisky, in turn, considers the work of the Ukrnafta board successful.

“We [the minority shareholders] will vote against [the position of Naftogaz Ukrainy] because we believe the board worked very well,” Kolomoisky said.

He added that Ukrnafta has no sufficient liquidity to pay dividends as it has not received funds from Naftogaz Ukrainy for a considerable volume of the previously supplied gas, as well as due to the fall in oil prices.

“There are no secrets, our company is dying, probably it won’t exist in five years,” he said.