The Arbitration Institute of the Stockholm Chamber of Commerce rendered a partial award in respect to the lawsuit of Ukrgazvydobuvannya against Karpatygas, Misen Enterprises AB (Sweden, shareholder of Karpatygas) regarding the termination of the joint venture agreement, the press office of Naftogaz of Ukraine reports.
By this decision, the court terminated the joint venture agreement, thus satisfying one of Ukrgazvydobuvannya’s requirements.
The court found that the JV agreement was initiated by Misen Enterprises AB (the share was not contributed in full, only $3.9 mln out of $12.5) and Karpatygaz, which did not deliver the measuring stations, specified in the agreement.
That is why the agreement is terminated due to the change of circumstances and impossibility to continue the joint venture.
Karpatygaz was previously the operator of joint activities between Ukrgazvydobuvannya, Karpatygaz and Misen Enterprises АВ, Sweden.
Ukrgazvydobuvannya, 100% shares of which belong to Naftogaz of Ukraine NJSC, is the largest gas production company of Ukraine, which provides for about 75% of the total gas production of the country.
