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Economy 2019-03-15T04:07:27+02:00
Ukrainian news
Naftogaz Agrees With British-Based KWM Europe On Protection Of Interests At London Court Of International Arbi

Naftogaz Agrees With British-Based KWM Europe On Protection Of Interests At London Court Of International Arbitration Under Appeal Of Ukrnafta's Minority Stockholders For EUR 4 Million

The Naftogaz of Ukraine national joint-stock company has signed an agreement worth EUR 4 million with KWM Europe (the United Kingdom) on protection of its interests at the London Court of International Arbitration within the litigation with minority stockholder of Ukrnafta, the largest Ukrainian oil-producing company: Littop Enterprises Limited, Bridgemont Ventures Limited and Bordo Management Limited.

This follows from the data posted in the ProZorro procurement system, Ukrainian News Agency reports.

The agreement was signed on January 21.

The services are expected before December 31, 2019.

According to the report, the overall volume of legal services will amount to 8,422 hours.

In 2015, KWM Europe was protecting Ukraine's interests (represented by the Justice Ministry) within a litigation under the appeal submitted by JKX Oil&Gas (the United Kingdom) and companies affiliated with it against Ukraine (approximate compensation amount was USD 500 million).

Besides, the company has already represented Naftogaz's interests at the London Court of International Arbitration within the litigation with Ukrnafta's minority stockholder in 2018.

As Ukrainian News Agency earlier reported, the appeal was submitted by the Ukrnafta's minority stockholder to the London Court of International Arbitration against Naftogaz's violation of the stockholder agreement dated January 25, 2010.

At the July 22 (2015) stockholders' meeting of Ukrnafta, supervisory board member / representative of the minority stockholders, Ihor Kolomoiskyi, said that the Ukrnafta's minority stockholders had submitted an appeal to the Arbitration Institute of the Stockholm Chamber of Commerce (SCC; Sweden) against Ukraine as to disputable amount of natural gas unlawfully collected by Naftogaz.

Besides, he said that the appeal was also submitted to the London Court of International Arbitration.

Naftogaz of Ukraine admits its obligations before Ukrnafta for utilization of 10.1 billion cubic meters of gas for the needs of the population between 2006 and 2011.

At the same time, the NJSC estimated the cost of the said gas at UAH 3.753 billion, while the Ukrnafta's minority stockholder insisted on building the price on the basis of then effective market rates.

The 50%+1 share in Ukrnafta belongs to the state represented to the Naftogaz of Ukraine national joint-stock company; 13.6-percent stakes belong to each of the following companies: Littop Enterprises Limited and Bridgemont Ventures Limited и 12,9% - Bordo Management Limited.

Besides, the 9.9-percent stake in the company belongs to other stockholders.

Больше новостей о: court Naftogaz Ukrnafta KWM Europe London Court

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