Business News, 14/11/2017

Oil and Gas Field Share Returned to State

Thirty percent share of the development of the Sakhalinske oil and gas condensate field in the Kharkiv region was returned to the state-owned Nadra Ukrainy company after two years of trials.

The field production activities had started since 2000 when two companies — the Poltava State Geological Enterprise and Sirius-1 LLC — have agreed on joint investment for geological exploration of the territory and industrial development of the deposit of gas and oil.

The National Joint-Stock Company Nadra Ukrainy joined the companies in 2007 having received a share of 30% of the Sakhalinske oil and gas condensate field, which later was sold to Golden Derrick Ltd as joint partial ownership.

Since Golden Derrick had not paid the acquired stake, the contract was terminated. Therefore Commercial Court of Kyiv returned the field share to the state-owned company Nadra Ukrainy.

The prosecutor’s office emphasizes that this happened due to its “reasoned and principled position” in the argument which has lasted since 2015 and its support of state interests.

Reference: November 1, the Golden Derrick gas company was renamed East Europe Petroleum LLC. The company was previously controlled by ex-Minister of Energy Eduard Stavytsky and later was given to the Russian oligarch Pavel Fuks.

Text: Olena Sokolynska

Photo: Gordon