Who is Sergii Koretskyi? What to know about Ukraine’s new prime minister
Ukraine’s parliament has approved Sergii Koretskyi as the country’s new prime minister, backing his appointment with 289 votes. Who is he and what can he bring to the work of the Cabinet of Ministers?
Koretskyi, 48, is a businessman from Volyn Oblast with more than 20 years of experience in the fuel and energy sector.
He began his career while studying at Lutsk Technical University, working in the structure of the Continuum fuel holding company. Over 10 years there, he rose from an employee in the analytical department to chief executive.
According to the Chesno election watchdog, in the 2000s Koretskyi made several unsuccessful attempts to enter politics, seeking seats in the Volyn Oblast Council and the Verkhovna Rada as part of the People’s Bloc of Lytvyn. He later served as an aide to lawmaker Ihor Yeremieiev, who was also linked to Continuum.
From 2013 to 2018, Koretskyi was chief executive of the WOG gas station chain, part of Continuum. After a decade at WOG, he took what the article calls a “coffee break” and moved into his own business, founding the now well-known coffee brand Idealist, whose products and cafes can be found, for example, on Ukrainian Railways trains.
From 2019 to 2022, Koretskyi was co-founder and chairman of the board of the energy trading company Centurion Group SA in Switzerland. In November 2022, after the state took over energy assets from oligarch Ihor Kolomoisky, he was appointed head of Ukrnafta and Ukrtatnafta.
Forbes wrote that within a year Koretskyi managed to turn loss-making Ukrnafta — which had accumulated more than 10 billion hryvnias in losses from 2013 to 2022 — into one of the country’s most profitable companies, with 40 billion hryvnias in net profit in 2023-24. That was achieved mainly through transparent procurement via the Prozorro system, work without intermediaries and changes in cooperation terms with the Kremenchuk refinery.
“To say they did something revolutionary and massive — no, because two years is too short for the oil sector. Such a noticeable result is mainly the consequence of eliminating schemes and closing the holes through which money had been flowing into the pockets of private shareholders for 20 years. In short, Ukrnafta simply stopped being robbed,” wrote Serhii Kuiun, head of the A-95 consulting group.
According to Forbes, Koretskyi’s candidacy for Ukrnafta was approved by President Volodymyr Zelenskyy at the recommendation of then-presidential office deputy head Rostyslav Shurma. It was Economy Minister Yulia Svyrydenko, whom Koretskyi is now replacing as head of government, who reportedly advised Shurma to look at the former WOG CEO.
In 2025, Koretskyi won a competition to become chairman of the board of Naftogaz.
After the first year of Russia’s full-scale invasion, Naftogaz recorded a net loss of 79.14 billion hryvnias, or $2.44 billion, and then gradually returned to profit, according to an analysis by Slovo i Dilo. In 2025, the Naftogaz group ended the year with 270.9 billion hryvnias ($6.5 billion) in revenue, 5.7% more than in 2024, but with a consolidated profit six times smaller, at 5.83 billion hryvnias.
Forbes wrote that Koretskyi took over Naftogaz in spring 2025 with “nearly empty storage facilities” and guided the company through its most difficult winter in years. Naftogaz increased reserves to more than 13 billion cubic meters using nearly $1 billion of its own funds and 1.57 billion euros in borrowing. Still, the government’s strategic goal of increasing output for energy independence was not achieved amid massive Russian strikes on energy infrastructure.
What the new prime minister is promising
President Volodymyr Zelenskyy called Koretskyi “the most prepared candidate” for prime minister, stressing that Ukraine must prepare for the coming winter.
“There are now new challenges due to Russian strikes, particularly against energy infrastructure in border and front-line regions, as well as strikes on gas stations and other sites. We discussed what steps our state needs for greater resilience and to ensure results within the updated political strategy of our country,” Zelenskyy said after meeting with Koretskyi.
Speaking in parliament, Koretskyi warned that “this winter may be even more difficult.”
“I received the proposal to lead the government. After 20 years in the corporate sector, I headed the state-owned Ukrnafta in 2022. There was a demand to fight corruption, and we brought in record tens of billions in profit to a previously loss-making state company. Exactly the same demand came from the president and the government when I was chosen to lead Naftogaz. We proved that state management can and must be effective. I have always believed that efficiency, regardless of ownership, depends first of all on people — responsibility, professionalism and fair rules. These are exactly the principles I want to bring to the work of the entire Cabinet,” Koretskyi said.
He said he wants his government to be “a government of defense, a government of economic development and a government of European integration.”
Asked about the future defense minister in his Cabinet, Koretskyi said he “very highly” rated the work of Interior Minister Ihor Klymenko, who is widely seen as the likely choice for that post.
“I believe he is a strong, professional, clear and effective minister. Can my government become a government of defense? It can, because there is desire, an internal need and cohesion,” he said.