Yesterday, Smart Holding’s CEO, Ivan Gerasymovych, joined Chuck Valceschini, Non-Executive Chairman at Enwell Energy, and Oleksiy Zayets, Acting General Director of the Smart Energy Group, for a visit to the production facilities of Regal Petroleum Corporation Limited in the Poltava region. This site plays a crucial role in supporting Ukraine’s energy needs, producing natural gas, gas condensate, and liquefied propane-butane (LPG, autogas).

A Pillar of the Local Economy

Located in a rural area, this facility is much more than just a production site. It’s a cornerstone of the local economy, providing jobs for around 200 people and supporting vital community initiatives. As part of the UK-listed Enwell Energy, this operation represents our ongoing commitment to both economic stability and community well-being in the region.

Discussing the Future Amidst Uncertainty

During the visit, our leadership team engaged with employees, explored the production facilities, and discussed the company’s future. Like all businesses in Ukraine, Regal Petroleum has adapted its operations to navigate the risks posed by the ongoing war, from potential attacks to power supply disruptions.

However, recent government actions present a new threat – the potential shutdown of gas production operations due to the blocking of special permits.

“Business is built on the dedication of its people. Yesterday, we saw just how committed and skilled the team is, working tirelessly to maintain energy stability for Ukraine,” said Ivan Herasymovych. “We’ve done everything we can to make our processes as efficient and safe as possible, allowing us to keep operations running, pay taxes at every level, and supply gas to Ukrainians.

Sadly, our future hangs in the balance - and it's not just due to the war. If the state's sanctions lead to a halt in our permits, this could mean shutting down our operations entirely. No gas, no tax revenue, and 200 people could be left jobless. But I'm hopeful this won't be the case, as it goes against the country's need for energy security. As President Zelensky recently said, ‘Preserving jobs is a contribution of business to our Victory.’”