15:02 28.04.2021

Misen announces plans to recover hundreds of millions of U.S. dollars from Ukraine over increase in gas royalties

1 min read
Misen announces plans to recover hundreds of millions of U.S. dollars from Ukraine over increase in gas royalties

Misen Enterprises AB and Misen Energy AB (Sweden) want to recover hundreds of millions of U.S. dollars from Ukraine due to an increase in the royalty for gas production during the period of its work with JSC Ukrgazvydobuvannia under joint activity agreements.

According to the materials released to the meeting of the Cabinet of Ministers scheduled for Wednesday, Misen filed a statement of claim seeking to launch arbitration proceedings against the state of Ukraine on March 24, 2021.

In this regard, the Ministry of Justice asks to apply a simplified negotiating procedure for the procurement of legal advisors services to defend the state in arbitration.

"In this request for arbitration, the plaintiffs refer to their intention to recover hundreds of millions of U.S. dollars in damages, with the exact amount to be determined in further written explanations," the government said in the explanatory note.

Misen shareholders are to approve the continuation of litigation with Ukraine in arbitration on April 28, 2021.

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