Trade Ministry develops changes to oil auction rules – minister

17:34, 18.02.2015 1 min read

Ukraine's Ministry of Economic Development and Trade has drafted a resolution of the Cabinet of Ministers comprising changes to the rules on Ukrainian oil sales at auction, Trade Minister Aivaras Abromavicius said after signing an agreement on setting up the project management office.

"We are working. We are working with the auction committee, improving conditions, and making them more transparent, we therefore prepared another ruling, which concerns the rules. We plan to make it public in the near future," he said.

The minister did not answer questions about the most important changes contained in the draft resolution and the terms of oil auctions.

As reported, the previous changes were entered into the rules on auctions for the sale of oil, gas condensate and liquefied natural gas by Cabinet order No. 16 dated January 21, 2015. The new wording of the order provides for the refusal of a 15% discount in determining the starting price of oil and gas condensate.