Serhiy Koretsky, a prominent name in Ukraine’s business landscape, is poised to become the country’s next Prime Minister, succeeding Denys Shmyhal. Koretsky, aged 48 and a native of Lutsk, brings a wealth of experience from his previous roles, particularly in the energy sector.
Born in Lutsk, Koretsky received his higher education in mechanical engineering and business economics from Lutsk Technical University and the Ivano-Frankivsk National Technical University of Oil and Gas, where he specialized in oil and gas extraction. He began his career early, working as a security guard while still a student at university. During a challenging time for his family, he sought opportunities to support his siblings after his parents’ divorce.
Koretsky’s initial foray into the business world began with a recommendation from a friend to join the company Kontinium, founded by the late Ihor Yeremeyev and Stepan Ivakhiv. His perseverance led him through several roles, advancing rapidly from assistant director to financial director, and ultimately to the CEO of Kontinium in 2007.
In 2013, he took the helm of WOG, the gas station network under Kontinium, which became a key player in the market. He implemented significant changes to boost profitability and diversify offerings, particularly by introducing food services at the gas stations. Under his leadership, WOG rose to become the second-largest fuel retailer in Ukraine.
Following the death of Yeremeyev, Koretsky pivoted to focus on the coffee industry, founding Idealist Coffee Co., which quickly gained traction. However, in 2022, he returned to the energy sector, taking charge of Ukrnafta, the nation’s largest oil producer, during a time of national crisis. This appointment came after the company’s ownership shifted to state control amidst the ongoing conflict.
Koretsky described his decision to lead Ukrnafta as a response to the prevailing war climate, stating, “At a time of such tragedy and conflict, it felt necessary to contribute to the nation’s efforts.”
According to reports, Koretsky’s leadership saw Ukrnafta report a remarkable UAH 20 billion in profit within the first ten months of his tenure, a stark contrast to the losses accrued under previous management from 2013 to 2022.
His leadership style has earned him praise across the political spectrum, with many describing him as a competent technocrat capable of navigating the complexities of governance. President Volodymyr Zelensky reportedly expressed confidence in Koretsky’s candidacy for Prime Minister, anticipating that his appointment would bring about constructive changes in government.
As of mid-July, Koretsky is expected to be formally nominated for the position, potentially marking a significant shift in Ukraine’s political landscape. Observers note that while he possesses a solid mandate for personnel changes, challenges persist regarding team assembly and navigating the entrenched political system.
In summary, Koretsky’s journey from a university student working odd jobs to a pivotal figure in Ukraine’s energy sector reflects not only his personal determination but also the broader narrative of resilience amid adversity in the Ukrainian business environment.
