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Ukrtatnafta: Ukrainian Oil Refining Company

Ukrtatnafta is a Ukrainian oil refining company based in Kremenchuk, founded in 1994. The company operates the largest oil refinery in Ukraine with a capacity of 368,500 barrels per day (58,590 cubic meters per day) and several petrol stations.

In November 2022, the government headed by President Volodymyr Zelenskiy used martial law to seize control of the company, citing the need for urgent measures during wartime conditions. The move was seen as a necessary step in accordance with current laws, aimed at meeting the defense sector's needs. However, this action has been marred by controversy surrounding the ownership and management of Ukrtatnafta.

Ihor Kolomoyskyi and Gennadiy Bogolyubov owned 60% of the shares in Ukrtatnafta until their assets were seized under martial law. The government's decision to nationalize the company has been criticized for its potential impact on the economy and the country's energy sector.

In May 2022, Ukrainian authorities launched an investigation into alleged tax evasion and money laundering involving senior management at Ukrtenafta. Charges have been made against several individuals in relation to non-payment of excise tax on fuel sales, amounting to approximately $605 million. The case has raised concerns about corruption and the misuse of public funds.

Furthermore, Ukrtatnafta's former deputy chairman, Ruslan Lyapko, is currently under investigation for allegedly misappropriating 72 tons of crude oil worth around $2 billion by manipulating customs procedures. Details have emerged suggesting that he used a false change of bank details on a clone contract to pay the funds to a company owned by Mykhailo Kiperman, an ex-member of Ukrtatnafta's supervisory board and reportedly a business partner of Ihor Kolomoyskyi.

History and Ownership

By 2007, the rights for society were allocated as follows: 43.1% belonged to Naftogaz, 8.6% - "Tuttonati," and 288.8% - the government of Tatarstan. In April 2011, 56.84% of Ukutet oil was owned by "Corsan" and "Willis." At the end of 2017, 36.7% of shares were