Stockholm arbitration will make partial award on breach of contract between Ukrgazvydobuvannia and Karpatygaz by April

14:21, 30.01.2018 1 min read

 The Arbitration Institute of the Stockholm Chamber of Commerce by the end of May 2018 will make a partial award on the breach of a joint venture agreement between PJSC Ukrgazvydobuvannia and Karpatygaz LLC, the press service of Misen Enterprises AB (Sweden, the shareholder of Karpatygaz) has reported.

On January 24 Karpatygaz and Misen Enterprises submitted their final position on the case to the arbitration.

As reported, Ukrgazvydobuvannia on July 15, 2016 appealed to the Stockholm arbitration with a claim for the termination of the cooperation agreement with Karpatygaz LLC and Misen Enterprises AB, as well as on loss recovery.

Ukrgazvydobuvannia in autumn 2015 said that Karpatygaz and its shareholder Misen refused to fulfill obligations under the joint venture agreement. According to Ukrgazvydobuvannia, Misen contributed only $3.68 million of investments during the contract period, while the capitalization of Karpatygaz during the contract period amounted to UAH 1.5 billion (due to the production of more than 700 million cubic meters annually from 110 Ukrgazvydobuvannia wells).