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The Kyiv Economic Court of Appeals has recognized national JSC Nadra Ukrainy's right of ownership of a stake in joint development of Sakhalynske gas field in Kharkiv region, the company's press service reported.
Thus, the Kyiv Economic Court of Appeals on October 5, 2015, upheld a request from a deputy prosecutor of Kyiv and overturned a ruling taken by the Kyiv Economic Court on July 2 that denied a claim for recognizing Nadra Ukrainy's right of ownership of a stake in joint development of Sakhalynske gas field. The claim was filed by the deputy prosecutor in the interests of state-owned Nadra Ukrainy against Golden Derrick company and other parties to joint operation agreements.
The state represented by Nadra Ukrainy lost control over gas production on Sakhalynske field and the right to receive profit after former officials of Nadra Ukrainy had sold Golden Derrick the stakes under joint operation agreements.
On November 10, 2014, the Prosecutor General's Office announced suspicion of committing a criminal offense by Nadra Ukrainy's former management, in particular, pointing to abuse of power or office when signing in 2012-2013 agreements on the sale of stakes in joint operation on Sakhalynske gas field. In late 2014, Nadra Ukrainy appealed to the Economic Court of Kyiv with a claim against Golden Derrick to terminate three contracts on the sale of the stakes in joint operation on Sakhalynske gas field, which were later cancelled pursuant to a court ruling.
In order to restore the company's participation in joint operation on the mentioned gas field, the Kyiv prosecutor's office on April 17, 2015, lodged three lawsuits, each per contract, with the Kyiv Economic Court for recognizing Nadra Ukrainy's right of ownership of the stakes. On June 22 and July 2, 2015, the court refused to satisfy two of the three claims.
Nadra Ukrainy's press service quotes chairman of the company's board Yaroslav Klymovych, who emphasized that the cancellation of the ruling passed by the Kyiv Economic Court on July 2 is very important to the state-owned company, as it allows it to take part in joint development of Sakhalynske gas field and receive profit.
The ruling of the Kyiv Court of Appeals is also believed to help improve the company's financial results.
Nadra Ukrainy said it expects that the Kyiv Economic Court of Appeals will further administer justice on principles of legality, equality, competition and fairness.
UNIAN memo. National Joint Stock Company Nadra Ukrainy is Ukraine's leading company in the field of oil and gas exploration. It has 20 special permits for use of oil and gas bearing subsoil (with a capacity of 47 million tonnes), 120 wells set to be restored, 16 priority areas for drilling, and 40 sites for seismic surveys. In addition, there are 23 business projects developed on promising exploration areas.
The company incorporates 13 prospecting firms.
Nadra Ukrainy is wholly owned by the state represented by the State Service for Geology and Mineral Resources.