Yuzgas B. V. (the Netherlands) has won a tender to select an investor to implement the product sharing agreeing (PSA) and extract hydrocarbons on the Yuzivska field (Donetsk and Kharkiv regions).

"After receiving the approval from Ukraine's Cabinet of Ministers the winner of the tender, Yuzgas B. V., will become the full participant of the PSA," Nadra Ukrainy said on its website.

Nadra Ukrainy said that the selection panel consisted of heads of profile ministries, Nadra Ukrainy, Nadra Yuzivska LLC and lawmakers.

The company said that after the official withdrawal of Shell in September 2015, Nadra Yuzivska had 100% of rights and liabilities under the PSA. 90% of Nadra Yuzivska belonged to Nadra Ukraine and 10% to SPK-Geoservice.

On October 23, 2015, SPK-Geoservice decided to leave Nadra Yuzivska as a shareholder and today the sole owner of the company is Nadra Ukrainy.

The founder of Yuzgas B.V. is Emerstone Energy, part of Emerstone Capital Partners of businessman Jaroslav Kinach. Kinach is also president of Iskander Energy that sought to restore methane wells in coal beds of Donetsk region. In 1990s he was Ukraine Country Head of the European Bank for Reconstruction and Development (EBRD) in Ukraine.

The area of the Yuzivska field is 7,886 square kilometers.