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Economy 2019-03-19T04:01:09+02:00
Ukrainian news
Shareholders Of Ukrnafta Planning To Dismiss Rollins As CEO From April 30

Shareholders Of Ukrnafta Planning To Dismiss Rollins As CEO From April 30

Shareholders of Ukrnafta, Ukraine's biggest oil-mining company, are planning to stop the powers of Mark Rollins as the Chief Executive Officer of Ukrnafta from April 30, 2019.

The Naftogaz of Ukraine national joint stock company announced this in a statement, Ukrainian News Agency reports.

The shareholders will consider the question at their extraordinary meeting on March 28.

The shareholders will also make a decision to stop the powers of current members of the supervisory board of Ukrnafta and to elect new members of the supervisory board.

"The new supervisory board of Ukrnafta will be formed by the general meeting of shareholders of 11 directors, including six independent directors in compliance with the statute of the company endorsed by the general meeting of shareholders. Of the other five directors three will represent Naftogaz and two will represent minority shareholders," reads the statement.

As Ukrainian News Agency earlier reported, Ukrnafta made a net profit of UAH 101.771 million in 2017 (based on the international financial reporting standards).

The company's revenue increased by 19% or UAH 4,328.234 million to UAH 26,906.984 million in 2017, compared with UAH 22,578.750 million in 2016 (based on the international financial reporting standards).

On July 22, 2015, shareholders of Ukrnafta supported appointment of British citizen Mark Rollins as the Chief Executive Officer of Ukrnafta.

On September 16, 2015, the Cabinet of Ministers of Ukraine endorsed the signing of the contract with Ukrnafta CEO Rollins.

The Naftogaz of Ukraine national energy company owns a 50% plus 1 share in Ukrnafta, Littop Enterprises Limited 13.6%, Bridgemont Ventures Limited 13.6%, and Bordo Management Limited 12.9%.

Other shareholders own 9.9% of the shares in the company.

The company operates 1,946 oil and 172 gas wells and owns 46 drilling rigs.

In addition, Ukrnafta owns 537 gasoline filling stations.

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