The Cabinet of Ministers of Ukraine cancelled the competitive selection of independent members of the supervisory board (SB) of Naftogaz of Ukraine, the press office of the Ministry of Economic Development and Trade reported.

“By its decision dd. 10 November 2017, the government denied to conduct the competitive selection of candidates for the post of independent member of Naftogaz of Ukraine. The government also obligated MEDT to submit proposals on independent auditors and state representatives for the candidates for posts in SB for consideration of the Cabinet of Ministers”, according to the message, Interfax-Ukraine reports.

MEDT notes that according to the effective regulations of the government, its department for Naftogaz issues fulfills only the technical function.

“The Cabinet of Ministers, which sends MEDT orders on formulating decisions, is the subject of initiative. MEDT ensures technical function on preparation of draft regulatory acts for further submission for consideration of the government. The same principle will be applied to proposals on the candidates to SB members. For the purpose of the fastest settlement of the situation within the heating season, MEDT expects that the proposals on candidates will be submitted as soon as possible”, the Ministry summarizes.

Reportedly, previously, the European Bank of Reconstruction and Development (EBRD) proposed the government of Ukraine the list of candidates for the supervisory board (SB) of Naftogaz of Ukraine NJSC.

On October 5, the independent members of the supervisory board of Naftogaz of Ukraine Paul Warwick and Marcus Richards officially resigned from the company.

Naftogaz of Ukraine unites the largest oil and gas producing companies of the country. The holding is the monopolist on transit and storing of the natural gas in underground storages as well as the oil transportation through the main pipeline over the country’s territory.