Oleh Malchyk, Head of Extraction at PJSC Ukrnafta and Chief Executive of PrJSC Ukrnaftoburinnia, received UAH 27.75 million in salary in 2025—a 50.8% increase compared to the previous year. Despite sweeping personnel reshuffles across the state energy sector, legal disputes over multi-million gas debts, and corporate conflicts surrounding seized assets, Malchyk remains one of the most influential yet lowest-profile figures in Ukraine’s oil and gas market.
Oleh Malchyk’s career within the Ukrnafta ecosystem spans more than a decade. Between 2017 and 2020, he headed the company’s Western Directorate, overseeing regional extraction operations. He was subsequently promoted to lead the Extraction and Technologies Department—a key operational division shaping technical strategy. Later, he served as Chief Engineer, managing extraction infrastructure and technical workflows directly.
During a major leadership overhaul in February 2023, former CEO Serhii Koretskyi publicly highlighted that Malchyk was the sole top manager from the «old guard» to retain his post and responsibilities.
His authority was reaffirmed by subsequent executive leadership. In August 2026, Ukrnafta CEO Bohdan Kukura officially designated Malchyk as the executive personally responsible for the entire extraction domain within the newly structured board.
“Only one executive from the former top management remained—Oleh Malchyk, who is in charge of extraction,” noted Serhii Koretskyi during Ukrnafta’s corporate restructuring.
Malchyk’s executive actions have frequently come under legal scrutiny. According to a Supreme Court ruling dated April 30, 2024 (case No. 910/10322/23), Malchyk signed a gas supply agreement on November 24, 2020, on behalf of the joint operation between Ukrnafta and Ukrkarpatoil with buyer United Energy.
The deal resulted in a prolonged court dispute over unpaid gas deliveries, with principal outstanding debts reaching UAH 17.5 million. The litigation raised several operational and procedural questions:
What pricing benchmark was applied at the time of signing?
Were market discounts or deferred payment terms granted, and under what conditions?
Why did the contract lack mandatory prepayment or effective collateral mechanisms?
Furthermore, court records reveal additional administrative episodes involving Malchyk, ranging from judicial cancellations of disciplinary orders bearing his signature to court approvals of UAH 8.87 million settlement agreements signed on behalf of the enterprise.
Another critical dimension of this narrative involves corporate control over strategic state assets. In July 2023, following a government decree and an asset management agreement with ARMA (Asset Recovery and Management Agency), 99.99% of shares in PrJSC Ukrnaftoburinnia were transferred to Ukrnafta’s operational management.
Oleh Malchyk was appointed to lead the company’s operational recovery. This transition faced pushback from former corporate stakeholders. ARES SYSTEMS LTD filed a lawsuit seeking to annul the shareholder resolutions and Malchyk’s executive appointment. However, on October 10, 2024, the Commercial Court of Kyiv fully dismissed the lawsuit, affirming his legal authority to lead the company.
Official disclosure records highlight a sharp rise in Malchyk’s personal compensation amid war-time industry challenges and corporate restructuring:
2024: UAH 18.4 million in salary from Ukrnaftoburinnia;
2025: UAH 27.75 million in salary from the same entity (a 50.8% increase);
Banking Assets: Significant personal savings are held across state and private financial institutions, including Sense Bank, PrivatBank, and OTP Bank, with his largest single Hryvnia deposit recorded at UAH 5.35 million in Sense Bank.
Industry analysts emphasize that multi-million executive compensation packages at state-controlled assets demand public transparency regarding executive contracts, clear bonus structures, and measurable Key Performance Indicators (KPIs).
At the same time, experts point to operational resilience under his tenure: following a temporary suspension at the strategic Sakhalinske field, Ukrnaftoburinnia successfully resumed extraction in August 2024. Official ARMA reports confirm that the company achieved a net profit of UAH 1.19 billion for 2024, providing a strong operational metric for management performance during crisis conditions.