Serhiy Koretsky, the head of the state electricity company, was elected as Ukraine’s new prime minister on Thursday. Unlike other leaders, Koretsky, 48, does not come from a political party, parliament or civil service. An engineer by profession, Koretsky has built his career in the energy and food industries over two decades. He was later selected to run Ukraine’s most troubled state-owned energy company.
Made a name for himself as a successful director in a very short time. He revived the loss-making government institutions and made them profitable. Now he faces the biggest challenge of his life, which will require not only business acumen, but also political skills and diplomacy. The government anticipates that this winter will be the most difficult for Ukraine due to the Russian invasion, and President Volodymyr Zelensky has tasked him with leading the country through this difficult period. He is the third prime minister of Ukraine after the Russian invasion.
However, his tenure did not start well. When lawmakers voted to elect him, hundreds of protesters gathered downtown. They expressed their anger at President Zelensky for the unjust removal of the popular Defense Minister Mykhailo Fedorov from the government. Speaking to parliament, Koretsky said his primary goals would be to protect Ukraine’s fragile energy system, stabilize the economy, ensure proper use of international aid and increase domestic arms production.
After the government took control of oil producer Ukronfta and refinery operator Ukrotatnafta in 2022, Koretsky was appointed head of both companies simultaneously. Within two years, he steered Ukronfta to record profits, pay off tax debts and increase production. The company made a major contribution to the war by paying for fuel and drones for the military. Last year he was elected as the head of the national energy company Naftogaz. Then the company’s gas reserves began to dwindle. He took over the company and massively restructured the company, raising nearly $1 billion and increasing gas reserves to more than 13 billion cubic meters. President Zelensky called Koretsky the most prepared candidate for prime minister and emphasized his preparation for winter.