ANNOUNCEMENT 02 Nov 2016In November 2016, the government of Ukraine announced changed rules for foreign investors.
NUMBER OF INTERVENTIONS
According to consistent press reports on 2 November 2016, Ukraine's Cabinet of Ministers took the decision not to permit Yuzgaz B. V. (headquartered in the Netherlands) to participate in the production sharing agreement ("PSA") for the Yuzivska natural gas field.
The government has stated:"We support the proposal of the Ukrainian energy and coal industry minister not to permit Nadra Yuzivska LLC to transfer rights and liabilities outlined in PSA for the Yuzivska field."No further details about the motivation for this decision are in the public domain.
This state decision has been taken after Yuzgaz's winning of the announced in October 2015 tender by Nadra Yuzivska LLC, related to the National Joint Stock Company 'Nadra Ukrayny'. The National Joint Stock Company 'Nadra Ukrayny' (NJSC 'Nadra Ukrayny') was established in 2000 by Decree of the President of Ukraine 802 of 14 June by consolidation of 13 geological and specialised enterprises.