KIEV, Jan. 19 - Ukraine will replace top managers of UkrNafta, the country’s largest oil company, at a shareholder meeting on February 25, Energy and Coal Industry Minister Yuriy Boyko said Wednesday.

Boyko was reacting to comments from Prime Minister Mykola Azarov, who earlier Wednesday demanded that managers must be replaced after UkrNafta's oil output fell dramatically in 2010.

"We have unsatisfactory output indicators at UkrNafta," Boyko said. "It is a joint decision by the government and by private shareholders to replace the management."