The management of the Ukrgazvydobuvannya State Corporation has filed charges against its partner, Karpatygaz, and its shareholder, the Swedish company Misen Energy AB. According to Ukrgazvydobuvannya, the charges stem from the latter's failure to fulfill investment obligations.
Karpatygaz annually produces 700 million cubic meters of gas from 110 state-owned wells. The company's market capitalization is $1,5 billion, while the total joint investment from the Swedes to date has been only $3,68 million. Ukrgazvydobuvannya notes that under the joint production agreement, Karpatygaz and the Swedish company have failed to fulfill their obligations to contribute an additional $8,8 million and attract an additional $3 billion in investment.
The Ukrainian company also claims its partners are trying to shift responsibility for the operation of the Krestyshchenskaya booster compressor station, which pumps the majority of gas produced in Ukraine, to them. Any problems with its operation would immediately impact gas production in the country.
At the same time, Karpatygaz refuses to finance the construction of four more booster compressor stations, which could negatively impact gas production next year.
It is important to note that almost 80% of Karpatygaz is owned by Cypriot offshore companies, and the ultimate beneficiary is believed to be businessman and oligarch Dmitry Firtash, although official confirmation of this is not yet possible.
SKELET-info
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