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Kiev and Privat struggle for Ukrnafta

Ukraine's biggest crude and second biggest gas producer is in popular demand from the government and financial company Privat Group

Kiev’s fight for control of Ukraine’s biggest crude and second biggest gas producer Ukrnafta has attracted media attention this summer. The state-run enterprise Naftogaz Ukrainy owns 50% + one share of Ukrnafta, but the company was until recently controlled by Ukraine’s most powerful financial and industrial company, Privat Group, led by the colourful oligarch Igor Kolomoisky, which owned 42%. Ukrnafta’s success has relied on Privat’s other assets and interests. Ukrnafta’s shareholders met on 22 July to appoint a new chairman of the board, the former BG executive Mark Rollins. He replaces the Belgian Peter Vanhecke, formerly a corporate lawyer, who was appointed in February 2011 but whose c

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