Russia and Ukraine transfer jurisdiction over oil disputes to Singapore

The general director of JSC Ukrntransnafta said that the jurisdiction for the settlement of disputes between Ukraine and the Russian Federation over the oil transit contract was transferred to Singapore. Previously, it was in Russia. It is reported by Interfax-Ukraine.

“Singapore has been chosen as one of the neutral centers with logic similar to English law”, he said in an interview with the media.

According to him, the additional agreement will allow the parties to more clearly interpret those clauses of the contract that are needed for stable and long-term work.

“There is nothing revolutionary, but there are strokes that allow us to more clearly interpret those clauses of the contract that are needed for stable and long-term work”, Havrylenko explained.

Earlier it was reported that on December 3, 2019, Ukrtransnafta and Transneft concluded an additional agreement to the contract on the provision of oil transportation services through Ukraine, which lasts for ten years – from January 1, 2020 to January 1, 2030.

 

Tags: contracts, oil, hydrocarbon production, court, legislation, Ukrtransnafta, energy market, RF, foreign affairs, oil transit, agreement, route, volumes, oil deliveries

Read also

Smart Energy will continue to work at the Svistunkovske-Chervonolutske field
Brent price rises above $43 per barrel
Kazakhstan exceeded its obligations to reduce production under the OPEC+ deal in June