10:10 07.10.2020

Govt approves transfer of Centrenergo's shares, property of state-run coalmines to newly created JSC by April 2021

3 min read
Govt approves transfer of Centrenergo's shares, property of state-run coalmines to newly created JSC by April 2021

The Cabinet of Ministers of Ukraine has approved an action plan to create a joint-stock company (JSC) with the participation of state-run coal mining enterprises and PJSC Centerenergo, government order No. 1215 dated October 5, 2020 was posted on the government's website on Tuesday.

"...to submit to the Cabinet of Ministers, in accordance with the established procedure, a draft decision on the establishment of a joint-stock company, to the charter capital of which the corporate rights of PJSC Centrenergo and the property of coal-mining enterprises are transferred according to the list determined by the commission," the government said in the document, ordering the State Property Fund to meet a deadline of March 31, 2021.

According to the action plan approved by the Cabinet of Ministers, the State Property Fund and the Ministry of Energy, by December 31, 2020, must conduct an inventory and audit of state-owned mines, determine a list of the most efficient annual production capacity of up to 4.2 million tonnes of commercial products of the G brand, which property can be added to the charter capital of the new JSC.

At the same time, by October 7, 2020, DTEK's lease agreement of the Dobropilliavuhillia integral property complex dated December 22, 2010 must be terminated.

The signed documents must include a condition for DTEK Dobropilliavuhillia LLC to repay rent arrears and penalties before the date of termination of the contract, as well as compensation of the depreciation fund at the expense of the movable property of DTEK Dobropilliavuhillia required for coal mining activities, which was assessed by an independent appraiser.

DTEK Dobropilliavuhillia must also waive the right to receive compensation for all inherent improvements made during the lease as compensation to the government for early termination of the lease.

The Cabinet of Ministers also instructed the Ministry of Energy and Centrenergo to facilitate the continuous production cycle of the Dobropilliavuhillia's mines, and the State Property Fund and the Ministry of Energy – to ensure the return of the Dobropilliavuhillia's property to the state ownership (by January 25, 2021).

In turn, DTEK confirmed in a press release that the Dobropilliavuhillia's property will be transferred in accordance with the norms of the current legislation.

"The joining of the Dobropilliavuhillia's mines to Centrenergo guarantees the miners a constant market for coal sales, which means that the miners will be provided with jobs. And this is the most important thing. Over the past 10 years, DTEK has invested more than $400 million in the development of the Dobropilliavuhillia's mines, and a number of important technological projects have been implemented. Thanks to this, the mines are able to annually supply 4 million tonnes of coal to the Centrenergo's TPPs," Director General of DTEK Energy Dmytro Sakharuk said.

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