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(Bloomberg) — Ukraine’s state-run oil and gas company Naftogaz Group is seeking funds to restore and renovate its facilities after the destruction caused by constant Russian attacks, said its top executive.
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At least €3 billion ($3.5 billion) of damage has been done to the country’s facilities, with equipment needs exceeding €900 million, according to the company.
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Naftogaz is particularly interested in Ukraine’s ongoing talks with partners such as the US Exim Bank and the US International Development Finance Corp., Chief Executive Officer Sergii Koretskyi told Bloomberg News in an interview at his office in Kyiv. He also stressed the importance of European assistance.
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Some $250 million in unspent Ukraine assistance funds remain with the US State Department, he said — part of which could be used to purchase US-made gas compressor units to allow Kyiv to repair production facilities. Their use would also be a boon to American companies, he added.
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“Now we need funding for imports, investments and technologies. This is definitely a win-win situation for all parties — we’re not saying ‘help us’ but offering mutually beneficial cooperation,” said Koretskyi.
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Naftogaz, which provides gas to 12.5 million households, is a key element of Ukraine’s energy sector. Its infrastructure, as well as that of other power companies, has come under intense Russian bombardment in recent weeks, depriving many civilians of heating amid freezing temperatures.
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Since the start of this year, Naftogaz infrastructure has already faced 20 strikes, damaging oil and gas production and transportation systems, Koretskyi said.
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He said that last year was the most destructive for Ukraine’s energy sector since Russian President Vladimir Putin began his full-scale invasion nearly four years ago, with hundreds of missiles and drones hitting facilities. Last February and October were the hardest months for Naftogaz specifically, the CEO added.
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The company’s biggest challenge is the unpredictable consequences of those attacks, which will “definitely continue” and already has the company preparing for the next cold season, he said. Recent experience, Koretskyi said, has taught Ukrainians to prepare for even worse scenarios.
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Naftogaz has organized urgent gas imports in a bid to avoid a fuel deficit. Its gas purchases in 2025 reached 5.7 billion cubic meters, worth more than €2 billion. That trend is set to continue this year, due to rising consumption in the cold months, according to the CEO.
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Koretskyi stressed the company’s interest in long-term investments amid its multi-year drive to replace destroyed energy units, pointing to the increased efficiency of new equipment.
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