Last month’s end run around the Naftogaz Supervisory Board to install a new CEO “makes it very difficult for us to continue to support the company,” EBRD President Odile Renaud-Basso

 told Bloomberg yesterday in Warsaw. Under the headline, “Shock CEO Ouster Pushes Ukrainian Gas Giant’s Backer to Brink,” Bloomberg writes: “The EBRD, along with the World Bank, is a key international backer of Naftogaz, helping to give one of Ukraine’s largest companies more financial heft as well as bond-market credibility.”

The Naftogaz Supervisory Board may meet as early as Monday to discuss the move by its chair, Clare Spottiswoode, to remove Yuriy Vitrenko as CEO,

 Bloomberg has reported.  However if the three government members of the 6-member Board boycott the meeting, the dismissal would be blocked, wrote Concorde Capital. The Cabinet is opposed to the dismissal and Justice Minister Denys Malyuska says he plans fight the June 15 suspension order by  the National Agency on Corruption Prevention.

Yulia Svyridenko, Deputy Presidential Chief of staff,

 has been chosen by the Cabinet of Ministers to represent the government on the Naftogaz Supervisory Board. She succeeds Robert Bensh, a Houston oil and gas executive. At the same Cabinet session, three foreign members were reelected for new, 1-year terms: Clare Spottiswoode (Britain), Bruno Lesqua (France) and Ludo Van der Heyden (Belgium), as well as two Ukrainian state representatives: Natalia Boyko and Yulia Kovaliv.

In a reversal, the 5-member Naftogaz Supervisory Board agreed yesterday to stay on for a one-year term – on the condition that the current Executive Board remains and the roadmap submitted by the Supervisory Board last Friday is respected.

 Clare Spottiswoode, the British energy executive who chairs the Supervisory Board, said yesterday in a video address to the Cabinet of Ministers: “We will carefully consider any good ideas and changes in the implementation of our roadmap proposed to us by the Chairman of the Board [Yuriy Vitrenko].” The Supervisory Board had quit en masse, effective last Friday, in protest over the government’s ‘legal manipulation’ on April 28 to oust Andriy Kobolyev, Naftogaz CEO for seven years.