**Ukraine’s Naftogaz Doubles Profit in 2024 Despite Russian Attacks on Energy Infrastructure**
In a remarkable display of resilience, Ukraine’s state-owned oil and gas giant, Naftogaz Group, has reported a net profit of Hr 38 billion ($913 million) for 2024, marking a 64% increase from the previous year. This achievement is all the more impressive considering that Russian attacks on Ukraine’s energy infrastructure last winter knocked out almost 50% of Naftogaz’s gas production capacity.
According to Roman Chumak, acting CEO of Naftogaz, achieving this level of profit “borders on the impossible” during wartime. Despite the challenges posed by Russian aggression, the company managed to boost profits through a combination of cost-cutting measures and strategic investments in new wells and infrastructure.
Naftogaz’s gas production unit, Ukrgasvydobuvannya, was particularly successful in 2024, doubling its profit to Hr 20.9 billion ($501.6 million) while increasing gas output to 13.9 billion cubic meters (bcm). The company achieved a three-year high in daily production of 38.9 million cubic meters thanks to the commissioning of 83 new wells.
The financial results were confirmed by international audit firm KPMG, and Naftogaz has contributed Hr 104.3 billion ($2.5 billion) to Ukraine’s state budget in 2024, representing approximately 7% of the government’s total revenue. The company has also expanded its electricity generation capacity, with ongoing cogeneration projects expected to provide an additional 177 megawatts of capacity.
**Ukraine President Imposes New Sanctions on Russian Individuals and Entities**
In a separate development, Ukrainian President Volodymyr Zelensky has imposed new sanctions against a number of individuals and entities, including former presidential adviser Oleksiy Arestovych, pro-Kremlin commentators, and several major Russian companies.
The sanctions are aimed at disrupting Russia’s efforts to support its war effort in Ukraine and come as the international community continues to urge Moscow to withdraw its troops from Ukrainian territory. The US government has also announced plans to provide additional military aid to Ukraine, with Vice President JD Vance stating that “the first and necessary step of getting the Russia-Ukraine conflict solved is to get each of them to make a peace proposal.”
**Ukrainian Officials Welcome French Leadership in Peace Efforts**
The French government’s efforts to broker a peace agreement between Russia and Ukraine have been welcomed by Ukrainian officials, with U.S. Secretary of State Marco Rubio praising France’s leadership in the matter.
However, Rubio also stressed that European partners must “step up with real resources and political will” if they hope to bring the war to an end. This sentiment was echoed by Vice President JD Vance, who emphasized the need for both Russia and Ukraine to make a peace proposal in order to resolve the conflict.
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