Ukrgasvydobuvannya loses case regarding the Varvynska acreage to Ukrainian Energy
The Supreme Court of Ukraine has decided to dismiss the Cassation complaints of Ukrgasvydobuvannya (UGV) regarding the revision of the results of a tender for conclusion of an HC production sharing agreement (PSA) within the Varvynska acreage, which Ukrainian Energy LLC (USA) won. This is reported in Supreme Court ruling, published on November 5, 2021.
Recall, that the UGV filed a lawsuit against the Cabinet of Ministers, the Ministry of energy and the Interdepartmental Commission for the organization of PSA, where the third party of the dispute that did not independently declare claims on the subject was Ukrainian Energy LLC; after the Cabinet of Ministers approved the results on July 5, 2019, the plaintiff, in particular, demanded to recognize the American company victory in the tender "groundless" and oblige the Interdepartmental Commission to re-consider the participants' bids. However, the advantage of the winning American company's bid was repeatedly proved in court.
On November 3, the Supreme Court, as part of the panel of judges of the Cassation Administrative Court, put an end to the issue having considered the public company's cassation appeal, where it ruled that the decision was final and not subject to appeal
Ukrainian Energy LLC (Texas, USA) - was established with the purpose of entering the oil and gas sector of Ukraine. In 2018, Aspect Holdings, LLC and Sigma Bleyzer Investment Group, LLC set up the International Fund for Ukrainian Energy LP (IFUEL) to invest in Ukraine's energy sector (more than $ 100 million was approved in the first fund) .