14:24 06.01.2016

Naftogaz attracts U.S. Covington & Burling to litigations around Crimean assets

1 min read
Naftogaz attracts U.S. Covington & Burling to litigations around Crimean assets

National joint-stock company Naftogaz Ukrainy has nominated Covington & Burling LLP (New York, the United States) to protect the company's interests as part of litigation around lost shelf assets in Crimea.

According to Naftogaz's announcement in the Visnyk Derzhavnykh Zakupivel public procurements bulletin, the one-year agreement was signed by the companies on January 1, 2016.

The cost of the agreement is $1.25 million (value added tax not included).

"[The services that will be provided include] the provision for protection of rights and interests of Ukraine during settling disputes regarding the loss or the impossibility of using assets by Naftogaz Ukrainy and non-obtaining of revenue on the territory of Crimea and Sevastopol, internal seawaters and territorial sea of Ukraine around the Crimean peninsula, the territory of the exclusive economic zone of Ukraine along the coast of the Crimean peninsula and continental shelf near the coast," the company said.

Earlier Naftogaz said that the company will challenge the restoration of the control over its assets lost due to occupation of Crimea by Russia via international courts and reimbursement of all incurred losses.

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