Government orders Ukrnafta to conduct AGM by May 1

A joint order from the Ministry of Energy, Naftogaz of Ukraine and the Securities and Exchange Commission dated March 11 but public only this week ordered Ukrnafta (UNAF) to conduct an AGM by May 1, 2009. According to the document, Naftogaz, which controls 50%+1 of Ukrnafta has unsuccessfully attempted to convene five AGMs since the company’s last held one in May 2007. Recent agendas of failed AGMs have included consideration of the distribution of profits and dividends for 2006-2008.