Ukrnafta to pay USD 147 mln in damages
5 July 2011
The Stockholm Arbitration Court compelled Ukrnafta (UX: UNAF UK) to pay USD 147 mln to Carpatsky Petroleum, according to Kuwait Energy Company, the parent of Carpatsky Petroelum. Ukrnafta will pay the stated amount in compensation for the breach an agreement regarding the joint development of the Rydkovko-Krasnozvezdnoe gas-condensate field in Poltava region. Also the court has terminated the joint venture agreement between Ukrnafta and Carpatsky Petroleum. Antonina Davydenko: the news is clearly negative for Ukrnafta. However, the Stockholm’s court ruling could be reversed by Ukrainian courts.
