At 48 years old, Koretskyi stands out from many of Ukraine’s senior officials, as he did not ascend through political factions, parliamentary roles, or civil service positions.
With a background in engineering, he spent over twenty years in the business sector, managing the fuel and food industries before being entrusted with some of Ukraine’s most distressed state-owned energy firms.
He quickly earned a name for himself as a skilled crisis manager, revitalizing struggling state enterprises and turning them into profitable ventures.
Now, he faces his greatest managerial challenge, where mere business skills won’t suffice. Leading Ukraine’s financially strained wartime government will demand political acumen, diplomacy, and strategic maneuvering.
President Volodymyr Zelenskyy has assigned him the task of navigating the country through what officials foresee as possibly the harshest winter of the war due to Russian assaults. Koretskyi is Ukraine’s third prime minister since the onset of Russia’s full-scale invasion.
His tenure has already encountered significant hurdles. As lawmakers voted to confirm his position, hundreds of protesters filled the city center, expressing outrage towards Zelenskyy for allegedly sidelining popular Defence Minister Mykhailo Fedorov during the unexpected government reshuffle this week.
Koretskyi’s immediate goals encompass safeguarding Ukraine’s compromised energy infrastructure, stabilizing the economy, ensuring effective use of international aid, and increasing domestic arms production, as he mentioned while addressing parliament.
In 2022, following the government’s takeover of oil producer Ukrnafta and refinery operator Ukrtatnafta from oligarch Ihor Kolomoiskyi, Koretskyi was appointed to lead both firms concurrently.
Within two years, Ukrnafta achieved record profits, settled its tax liabilities, and boosted production. The company became one of Ukraine’s largest taxpayers and played a significant role in the war effort by providing fuel to the military and funding drones.
Last year, during a tumultuous period for Naftogaz, the state energy giant, Koretskyi stepped in. Gas reserves had plummeted to unprecedented lows after previous management failed to secure adequate imports amidst intensified Russian attacks on production facilities.
He initiated an audit that led to comprehensive restructuring, removing redundant functions and streamlining staff, measures that attracted some internal criticism.
Under his guidance, Naftogaz replenished gas reserves to over 13 billion cubic meters and raised nearly $1 billion.
Zelenskyy has described Koretskyi as “the most prepared candidate” for the role of prime minister, emphasizing his focus on readiness for the winter.
