Regal Petroleum refused to buy assets in Odesa region

The British company Regal Petroleum, part of the Smart Energy group, announces the termination of the Memorandum of Understanding regarding the acquisition of PJSC Scientific and Production Concern UKRNAFTINVEST due to the expiration of its term. This was reported by the press service.

“The participants of the Memorandum, the British Regal Petroleum and Ms. Lidiia Chernysh, as well as Bolaso ​​Investments Limited, were unable to reach a final agreement on the asset”, the report said.

Now Regal Petroleum is waiting for the return of a deposit of $0.5 million over five days, which the company previously made under the terms of the document.

The British company announced its intention to acquire the asset on November 26, 2019.

Regal Petroleum announced the purchase of assets in Poltava region – company Arkona Gas-Energy.

Later, Ukrnafta announced that Regal Petroleum could suffer corruption risks when purchasing this company, as in 2017 Arkona Gas-Energy received a special permit for the field in Poltava region from the State Service of Geology and Subsoil without a tender or auction for an amount equivalent to $144 thousand, which is significantly lower than its market value.

Tags: The Cabinet of Ministers, gas, Naftogaz, contracts, oil, hydrocarbon production, corruption, legislation, EU, Top management, energy market, Ukrnafta, gas production, добыча нефти, Gas market, negotiations, field, energy sector

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