Biggest Gas Deposit in Ukraine Will Be Developed by Company with Unclear Ownership

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Thursday, 28 July 2016, 15:12

Yuzivske shale gas deposit – the biggest in Ukraine – will be developed by Yuzgas B.V., a company incorporated only one month ago, Liga.net informs.

Yuzgas B.V. was incorporated in the Netherlands on June 14 specifically for the development of Yuzivske deposit, its statutory capital is €1,000. It will replace Royal Dutch Shell that left the project in 2015. Yuzgas B.V. won a tender announced in October 2015 that was closed from both mass media and the public.

The company belongs to Luxembourg Emerstone Energy which is owned by another Luxembourg holding Emerstone Capital Partners. However, no information about final beneficiary of Yuzgas B.V. is available.

Emerstone was also registered this year, and its website was launched on June 29. It doesn’t disclose its beneficiaries and investors. The website informs that "Emerstone Energy manages assets total worth $400 million and is ready to invest $250-300 million in hydrocarbon probing and production."

The CEO of Emerstone is Yaroslav Kinakh who used to manage the European Bank for Reconstruction and Development Country Office in Ukraine. After that, he established and ran several gas companies in Canada which operated in gas sectors in Ukraine, Georgia and Bulgaria.  

According to estimates, the gas reserve in Yuzivske deposit may be as high as 2 trillion cubic meters.

Source: Ekonomichna Pravda

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