Since 2014, when Andriy Kobolyev was appointed as CEO of state-owned Ukrainian oil and natural gas company Naftogaz, the company has turned around annual losses of $6.5 billion to annual profits of $8.5 billion, accounting for 8 percent of the country’s revenue.
That success can be attributed to a new business model implemented by the new management team under Kobolyev’s leadership, he explained during an interview at the Atlantic Council on March 3. The change helped the company to break its dependency on Russian gas, which was sold at prices above fair market price.
