Ukraine canceled auctions for the sale of hydrocarbons from the resources of state-owned companies
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The Government of Ukraine, on the initiative of the Ministry of Energy, canceled auctions for the sale of oil, gas condensate and liquefied gas, reported department press office. The decision was made on Saturday, March 25.
In particular, the Decree of October 16, 2014 “On organizing and holding exchange auctions for the sale of crude oil, gas condensate of own production and liquefied gas” was declared invalid. Also, relevant changes were made to the law on subsoil use, which comes into force tomorrow, March 28.
Previously, the sale of Ukrainian oil and gas condensate through an exchange auction was mandatory if the government owns a controlling stake in the producer or if he works on a joint basis with a state-owned company. Ukrnafta complained about the ineffectiveness of the auction conditions and called on the authorities to change them.
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