Govt approves extension of deadline for start of fulfillment of obligations under two hydrocarbon PSAs
At a meeting on Tuesday, the Cabinet of Ministers approved draft additional agreements on amendments to production sharing agreements (PSA) with the company EP Ukraine B.V. (the Netherlands, founders Czech EP Power Europe and Slovak NAFTA) for the Hrunivske and Akhtyrske hydrocarbon areas.
The representative of the Cabinet of Ministers in the Verkhovna Rada, Taras Melnychuk, reported on his Telegram channel that the project established the procedure and deadlines for the investor to re-submit an application for a special permit to use subsoil, and also expanded the rights of the state regarding the unilateral termination of the agreement in case of non-compliance by the investor with the procedure for paying for the license and geological data.
In addition, the draft additional agreements provide for the extension of the terms of force majeure circumstances, conditions and the date of commencement of fulfillment of the investor's obligations during the period of martial law in Ukraine regarding the unilateral termination of the PSA by the state.