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Court obliges Ukrainian govt to resume consideration of Yuzgaz's application on Yuzivska field

Court obliges Ukrainian govt to resume consideration of Yuzgaz's application on Yuzivska fieldKyiv's district administrative court has declared unlawful the decision of Ukraine's Cabinet of Ministers not to allow Yuzgaz B.V. (the Netherlands) to participate in the product sharing agreement (PSA) on the Yuzivska field (Kharkiv and Donetsk regions) and obliged the government to resume the consideration of the company's application.

The court ruling was published in the unified court ruling register on March 20.

"The court established that Yuzgaz had invested funds to buy tender documents linked to PSA… The total investment exceeds $100,000. The company also paid $800,000 in advance for participation in the PSA. Article 6 of the agreement on promotion and reciprocal protection of investments between the Netherlands and Ukraine says that no agreement side would take measures depriving citizens of other side of the agreement of their investment. The court has come to the conclusion that the government after making this decision actually deprived the claimant of the right to fully use its investment potential," the court said.

As reported, on November 2, 2016, the government decided not to permit Yuzgaz B. V. to participate in the PSA for the Yuzivska field.

Yuzgaz founder is Emerstone Energy investment fund, part of Emerstone Capital Partners of businessman Jaroslav Kinach.
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