Poland’s Orlen in Talks to Acquire a Stake in Ukraine’s Ukrnafta

Orlen Eyes Potential Stake in Ukraine’s Ukrnafta

According to Главком: Polish oil and gas conglomerate Orlen is exploring the acquisition of a share in Ukraine’s state-owned oil company, Ukrnafta. Orlen’s CEO, Ireneusz Fąfara, confirmed the company’s interest in expanding its footprint in Ukraine’s energy market. As part of this initiative, negotiations are underway with Ukrainian officials regarding a possible stake in Ukrnafta.

“We have started discussions about the possibility of our involvement in Ukrnafta. We are currently one of the partners in this process. Whether there will be a commitment and what form it will take depends on negotiations with the Ukrainian side.” - Ireneusz Fąfara

Orlen’s refinery in Możejki, Lithuania, currently sells about 18% of its output in Ukraine. Meanwhile, Ukrnafta reported a 49% increase in sales of light petroleum products in the first quarter of 2026 compared to the same period last year. Specifically, gasoline sales rose by 31%, and diesel sales surged by 75%. Despite this growth, Ukrnafta maintained its hydrocarbon production volumes at the same level as the first quarter of 2025.

• Additional oil extraction during this period reached 22,000 tonnes
• Additional gas extraction amounted to 8.2 million cubic meters

Fąfara also expressed optimism about Ukraine’s future, stating: “We believe the war will end and that Ukraine will emerge victorious. We want to be more involved in this market than we are now. We are already a key fuel supplier to Ukraine, and we aim to strengthen that position.”

Orlen’s potential move signals growing foreign investor interest in Ukraine’s energy sector, which could bolster the country’s economy during its recovery. Given Ukrnafta’s rising sales and stable production levels, a partnership with Orlen may further develop the industry and enhance Ukraine’s energy security.

As Orlen seeks to strengthen its presence in Ukraine's energy sector, the recent return of Naftogaz to gas sales on the exchange highlights the growing activity among key players in the market. This resurgence not only reflects a recovery in Ukraine's energy landscape but also underscores the potential for foreign investment, which could lead to further developments in the industry.