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JKX Oil & Gas declares Interim Award


Published Jul 27, 2015
JKX Oil & Gas plc

An international arbitration tribunal has issued an Interim Award requiring the Government of Ukraine to limit the collection of rental fees on gas produced by JKX's Ukrainian subsidiary, Poltava Petroleum Company, to a rate of 28% (the rate currently applicable under Ukrainian law is 55%).

The Interim Award, which is binding on Ukraine as a matter of international law, will remain in effect until the final ruling which will be issued following the arbitration hearing which is expected to take place in July next year. These arbitration proceedings were commenced by JKX against Ukraine under the Energy Charter Treaty, and the investment treaties between Ukraine and the United Kingdom and the Netherlands respectively. The proceedings have now been consolidated under the UNCITRAL Arbitration Rules.

Tags: JKX Oil & Gas plc




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