Tuesday, 14 December 2010

Vanco Delays Ukraine Arbitration Hearing For A Second Time

MOSCOW, Russia -- Vanco Prykerchenska Ltd., a Black Sea oil exploration partnership, said it will postpone arbitration hearings with the government of Ukraine for a second time as the two sides seek a settlement over a disputed license.
“We are satisfied with the negotiation process,” Jim Bown, company president, said on its website today. “More time was needed to complete all the formalities and clarify all details related to the future amicable agreement.”

The announcement came after the two sides extended an arbitration case due to be held in Stockholm for three months this July. The latest postponement is for a similar time period. Oleksandr Kolodiy, a spokesman for Ukraine’s Fuel and Energy Ministry, declined to comment when reached by phone.

Ukraine’s government, led by then-Prime Minister Yulia Tymoshenko, revoked Vanco’s permit to explore for hydrocarbons in the Black Sea in April 2008. The government said the license was issued illegally and that the company wouldn’t have enough money to finance the project. Vanco appealed the decision.

Tymoshenko’s government was ousted in March after Viktor Yanukovych won elections and formed a cabinet under Prime Minister Mykola Azarov.

Vanco Prykerchenska is part-owned by Houston-based explorer Vanco Energy Co. Partners include Shadowlight Investments Ltd., a private investment company owned by Evgeny Novitsky, who is also a director at AFK Sistema.

DTEK, controlled by Ukraine’s richest man Rinat Akhmetov, also owns a share, as well as Integrum Technologies Ltd., according to the site.

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