The Ukrainian Journal of Business Law

[https://pravo.ua/event/la2019/] Counse link ABSOLUTE LAW AGENCY 2 Katerinoslavskiy Boulevard, TBC BOSFOR, Office 610,, Dnepr , 49044 , Ukraine 32/2, Moskovskaya Street, BC ЂSENATORї, 4th floor Kiev, 01010, Ukraine Phone: +380 44 569 1211 Fax: +380 56 732 3863 absolute@absolute.com.ua www.absolute.com.ua ANTIKA Law Firm 12, Khreshchatyk street, 2-nd floor, Kyiv , 01001 , Ukraine Phone: +38 (044) 390 09 20 Fax: +38 (044) 390 09 21 office@antikalaw.com.ua www.antikalaw.com.ua/en Arzinger Senator Business Center, 32/2 Moskovska street, 10th floor, Kyiv , 01010 , Ukraine Phone: +38 (044) 390 55 33 Fax: +38 (044) 390 55 40 mail@arzinger.ua www.arzinger.ua Asters Leonardo Business Center, 14th floor, 19-21 Bohdana Khmelnytskoho St., Kyiv , 01030 , Ukraine Phone: +380 44 230 6000 Fax: +380 44 230 6001 info@asterslaw.com www.asterslaw.com DLF attorneys-at-law Torus Business Centre, 17d Hlybochytska Street, Kyiv , 04050 , Ukraine Phone: +380 44 384 24 54 Fax: +380 44 384 24 55 info@dlf.ua www.dlf.ua GOLAW 19B Instytutska Street, Office 29, Kyiv , 01021 , Ukraine Phone: +38 (044) 581 12 20 Phone: +38 (044) 581 12 21 Fax: +38 (044) 581 12 22 info@golaw.ua www.golaw.ua Ilyashev & Partners 11 Kudryavska Str, Kyiv , 04053 , Ukraine Phone: +38 (044) 494 19 19 Fax: +38 (044) 494 19 99 office@attorneys.ua www.attorneys.ua Inyurpolis law firm (ILF) 14-A †Skrypnyka Street, Kharkov , 61057 , Ukraine Phone: +38†(057)†728 00 00 Fax: +38†(057)†714 06 28 office@ilf-ua.com www.ilf-ua.com Konnov & Sozanovsky 23 Shota Rustaveli Street, Suite 3, Kiev , 01019 , Ukraine Phone: +380 (0) 44 490-5400 Fax: +380 (0) 44 490-5490 info@konnov.com www.konnov.com LCF Law Group 47 Volodymyrska street, Office 3, Kyiv , 01034 , Ukraine Phone: +38 (044) 455 88 87 Fax: +38 (044) 502 55 23 info@lcfgroup.com.ua www.lcfgroup.com.ua/en/ Sayenko Kharenko 10 Muzeyny Provulok, 7th floor, Kyiv , 01001 , Ukraine Phone: +380 44 499 6000 Fax: +380 44 499 6250 info@sk.ua www.sk.ua CURRENT ISSUE ( December 2019 ) In focus – Oil & Gas Production sharing agreements are used in many countries around the world. This mechanism was first used in Bolivia in the early 1950s and then in Indonesia in the 1960s. Expert Opinion Future of Production Sharing Agreements in Ukraine: Expectations vs. Reality Marta Halabala, Olena Sichkovska According to a production sharing agreement, one party, Ukraine (the State), appoints the other party, the investor, to prospect for, explore and extract mineral resources in designated subsoil area(s) and to perform the agreement-related works for a specified period of time, while the investor undertakes to perform the assigned works at its own cost and risk, with further compensation for the costs and receipt of payment (remuneration) in the form of a portion of the profit from production. Such definition of production sharing agreements is provided for in the Law of Ukraine On Production Sharing Agreements (the PSA Law). In Re Features of Signing Long-term Oil and Gas Contracts with Ukraine Rostyslav Nykitenko Today, the external economic relations between the states are formed primarily through the oil and gas sector. Ukraine, given its territorial position, is an important transit hub through which oil and gas trade between Europe and Asia is conducted. State-owned National Joint Stock Company Naftogaz of Ukraine is the leading enterprise of the fuel and energy complex, one of the largest Ukrainian companies, and is actively involved in the formation of commercial relations between Ukraine and other countries. UkraineТs Emerging Renewables Market Adriana Kryveshko Renewable energy has, by now, become a household term in Ukraine. The capacity of renewable energy (УRESФ) projects in Ukraine has grown by 3,968†MW between 2015 and Q3 2019. Total capacity growth in Q3 2019 alone was 2,661 MW. The total sum of investments to construct such 3,968 MW of power plants was approximately EUR 3.4 billion. Establishment of Contractual Relations on New Electricity Market of Ukraine Andriy Syvak The segments of the new electricity market in Ukraine provided for by the Law of Ukraine On the Electricity Market , as balancing, ancillary services segment, “one day in advance”, intra-day and bilateral contracts, obligatory conditions of participation in which for individuals, who are non-consumers, are contracts that ensure the functioning of such a market, should have come into effect from 1 July 2019 in Ukraine. News Deals AVELLUM advised Metinvest† INTEGRITES advised ÜMITLI on construction of solar PV plants in Ukraine NaftogazТs Eurobond offering Cases Company of UkrBud group got AMCU to cancel 127 million fine imposed for collusion Court rejected claim filed by Privatbank against Dniproavia Supreme Court sided with Supreme Court removes ban on sale of Prominvestbank Draft Parliament upheld draft law on financial monitoring in first reading Step taken towards abolishing state monopoly on alcohol production Land market set to start operating in 2020 Draft law on cryptocurrency legalization submitted Plastic bags to be banned from 2022 Law digest President signed law on ratification of US tax treaty Parliament approved law on gas transmission network separation from Naftogaz National Bank raised tariffs on cash provision to banks Law on protection of intellectual property during customs clearance of goods signed Ministry of Justice opened up single register of entrepreneurs in full The chamber AmCham Ukraine Thanksgiving Black Tie Dinner and Award Ceremony 2019 The American Chamber of Commerce in Ukraine held its traditional Thanksgiving Black Tie Dinner and Award Ceremony 2019 in Kyiv on 16 November. For the fifth year in a row, the American Chamber of Commerce recognizes organizations, projects and individuals who have made an outstanding contribution to the development of a favorable business and social environment in Ukraine or promoted Ukraine internationally. Representatives of the Chamber member companies named those who they would like to thank. Biznews Oil & Gas Denmark granted permit for Nord Stream-2 construction M&A Google acquired Fitbit, fitness tracker manufacturer International Monitoring Doing business-2020: top of the rating S&P raised KyivТs credit rating MoodyТs confirmed UkraineТs rating and improved outlook to positive Banking & Finance Uber aims to enter financial services market Ukraine to get EUR 900 million from EBRD & EIB for road building Telecommunications Acquisition of Vodafone Ukraine Internet Google to impose stricter rules on political adverts Manufacturing Swiss company relocates plant from Poland to Ukraine † Cover Story Clear Understanding The Ukrainian energy sector is perhaps one of the most turbulent in light of regulatory changes and challenges ahead for its key stakeholders, population and the Ukrainian state. Tenders held recently for Production Sharing Agreements revived the interest of international energy majors seeking not only profitability but clear understanding of policy incentives, a stable competitive environment and unfailing understanding that their investment is secure at the highest level. Dr. Alexey Kot , managing partner of Antika Law Firm , outlined the opportunities present in this sector and shared his concerns on pressing issues emanating from the perspective of the energy business. † Venue On the Path of Big Transformations Ч Strategies, Plans and Struggles With the evolving role of the legal profession and expanding internationalization of legal services, the function of regional professional forums in supporting multicultural discussion is gaining more importance. The IBA ECA (Europe Ц Caucasus Ц Asia) Forumhosted by Georgian firms took place on 31 October Ч 2 November 2019 in Tbilisi. Crux Legal Digest Last month was rather rich in legislature-changing activity, and some of these actions caused strong waves of discussion, particularly the so-called Unbundling Law and Draft Law No. 2233, both of which caused quite noticeable changes in the energy field. Other substantive legislative acts are the governmentТs Drafts On Regulating Gambling and No. 2179 On Preventing and Countering Legalization (Laundry) of Proceeds of Crime, Financing Terrorism and Financing Proliferation of Weapons of Mass Destruction. The UJBL editorial team asked experts to provide some comments on these legal issues. † Subscribe Subscribe to The Ukrainian Journal of Business Law right now and enjoy the most relevant issues on doing business in Ukraine on your device or in print. All this for just USD 9.99 a month. 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