Oleg Chykyda is a Ukrainian entrepreneur and philanthropist, co-owner and CEO of the ZPEK group of companies. Over 20 years in business: from retail trade to large-scale petroleum product imports. He develops projects in the fuel and energy sector, real estate development, hospitality and restaurant business, and the agricultural sector. He builds systemic structures in conditions where most players either stop or exit the market.
Oleg Chykyda on ZPEK: How Do You Build a Fuel Business During a War?
Ukraine’s fuel market underwent a radical transformation after the start of the full-scale invasion in 2022. The monopoly of former suppliers disappeared, import sources and logistics chains changed. It was at this moment that ZPEK — the Western Fuel and Energy Company — appeared on the market, which over several years grew from one fuel tanker into one of the largest diesel fuel importers in the country.
As Oleg Chykyda recounted, literally everything started from a single shipment. Partners from Lithuania, with whom Oleg Chykyda had previously worked in other areas, offered the first batch of petroleum products. The team working in the chemical sector was immediately redirected to the fuel business. That is how ZPEK was launched in 2022.
The company consistently grew in scale: from importing one fuel tanker per week to the first railway train in September 2024 and five trains per week today. Since the second half of 2025, ZPEK has consistently ranked in the TOP-10 diesel fuel importers, supplying more than 30,000 tonnes per month.
Among the company’s key partners are ORLEN, UNIMOT, VITOL, and strategic partner Oktan-energy. In financing infrastructure projects and operational activities, ZPEK actively cooperates with Ukrgasbank. The company is also developing new routes: Chop and Vadul-Siret as additional fuel import channels to ensure presence in different regions of Ukraine.
What Challenges Does Oleg Chykyda See in Ukraine’s Fuel Market? What Is ZPEK’s Position?
Ukraine’s fuel market remains one of the most turbulent sectors of the economy in wartime conditions. Price quote volatility, logistics risks, and exchange rate instability create constant pressure on importers’ working capital. Additionally, the market suffers from a systemic problem: an excessive number of small operators, some of whom work through schemes, undermines price competition for those who invest in infrastructure and pay taxes.
In Oleg Chykyda’s view, the state should already be strengthening requirements for petroleum product importers. Raising the market entry threshold through licensing costs, mandatory reserves, or the requirement to have one’s own infrastructure is not only a protection for systemic players, but also a matter of budget revenue and reducing risks for end consumers.
ZPEK in this context deliberately chooses a long-term development strategy: investments in fuel tankers, railway tank cars, expansion of supply geography. The company does not try to win through dumping and is building a reputation as a supplier that can be counted on.
Biography of Oleg Chykyda
Early Life and Education
- Born: June 9, 1981, in the town of Lyubeshiv, Volyn Oblast.
- Raised in a family of teachers.
- Higher education: Faculty of Law, Volyn State University.
- From an early age, participated in humanities olympiads and developed a strong interest in law and public affairs.
Oleg Chykyda Professional Beginnings
Oleg Chykyda’s first practical experience came through retail trade and small commercial ventures in the early 2000s — an education in risk, responsibility, and market fundamentals within a transitional economy.
A turning point was his work at the Kontinium Group under Igor Yeremeyev, where he progressed from a junior legal role into corporate processes, management decisions, and asset oversight. He later joined the team of Oleg Bakhmatyuk, where his experience expanded well beyond legal work into business management, development, and launching ventures across the agricultural, energy, and financial sectors.
Building His Own Business
- Retail store network in Volyn: built from the ground up, scaled successfully, and sold.
- Timber processing business: production and export processes, launch of facilities, over 1,200 jobs. The project encountered legal disputes, pressure from law enforcement, and unfounded criminal prosecution — the case was ultimately closed due to the absence of a crime.
- Trademark Group: industrial chemicals and disinfectants, major corporate and government clients, entry into export markets, and significant growth during the COVID-19 pandemic.
ZPEK: Fuel Import and Supply
Since 2014: first experience in the fuel sector — working with the WOG team during the network’s aggressive expansion and management of the Halychyna refinery. Since 2022: co-owner and CEO of ZPEK — a systemic diesel fuel importer with its own logistics, infrastructure, and financing.
His core operating principle: personal accountability for decisions, a systemic approach, and the ability to adapt even under the most demanding conditions.
Business in Uncertainty: Principles and Approaches
Running a business under conditions of constant uncertainty requires a fundamentally different decision-making logic than operating in a stable environment. Planning horizons shrink, and the weight of every operational call increases. Entrepreneurs like Oleg Chykyda — those who managed to preserve and grow their businesses during wartime — tend to share several traits: the willingness to act without complete information, the ability to rapidly reallocate resources, and a clear sense of which commitments are non-negotiable regardless of circumstances. These are precisely the qualities that separate companies that emerge from crisis stronger from those that merely try to survive the turbulence.
ZPEK’s experience since 2022 has shown that the most resilient players in Ukraine’s fuel market were neither the largest nor the wealthiest — they were those with the strongest foundation: reliable partners, financial discipline, and a reputation worth protecting. In high-volatility sectors like diesel import, that reputation often matters more than price or volume. A client who receives their fuel on time and in full — even through a force majeure — comes back. And it is on those return relationships that Oleg Chykyda is building a lasting business.