Ukraine’s state-owned Naftogaz has signaled it is ready to run roughshod over an oligarch-aligned minority shareholder in Ukrnafta in the hope of ending the gridlock over the future direction of the oil and gas producer that is teetering on the verge of bankruptcy. Naftogaz, which owns a 50% stake in Ukrnafta, the country’s only oil producer, has approved a plan to restructure the latter’s approximate 10.5 billion hryvna ($420 million) debt to the state revenue service, but the controlling owner of a 42% interest, associated with oligarch Igor Kolomoisky, is impeding a final resolution.
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