News of group

24.05.2019

PARTICIPATION IN TENDER FOR IVANIVSKA FIELD

Group of companies DRILLING COMPANY HORYZONTY LLC, ZAKHIDNADRASERVIS LLC and Nordik PC decided to participate in the tender for the conclusion of an agreement on distribution of hydrocarbons within the Ivanivska field, which was announced on 28 February 2019 in accordance with the Resolution of the Cabinet of Ministers of Ukraine dated 18.12.2018 No. 1184.

To participate in the tender DRILLING COMPANY HORYZONTY LLC, ZAKHIDNADRASERVIS LLC and Nordik PC intentionally founded GAZ GROUP LLC, which in cooperation with partner KARPATNAFTOKHIM LLC will take part in the tender for the conclusion of an agreement on distribution of hydrocarbons within the Ivanivska field.

Due to the lack of time to obtain a permission of the Antimonopoly Committee of Ukraine in regard of founding a joint company with KARPATNEFTOKHIM LLC for the participation in the tender, it was decided that KARPATNAFTOKHIM LLC would become a member of GAZ GROUP LLC after obtaining the respective permission of the AMCU.

GAZ GROUP LLC and KARPATNEFTOKHIM LLC signed an agreement on joint participation in respect of redistribution of shares as follows: KARPATNEFTOKHIM LLC – 80%, DRILLING COMPANY HORYZONTY LLC – 10%, ZAKHIDNADRASERVIS LLC – 5% and NORDIK PC – 5% upon recognition of GAZ GROUP LLC as a winner of the tender.

KARPATNEFTOKHIM LLC is a highly developed economic network of enterprises for the production of petrochemical and chemical products, the only Ukrainian producer of ethylene, propylene, benzene, polyethylene, the largest petrochemical complex located in the western region of Ukraine. In 2018 Company's revenues amounted to more than UAH 14 billion, EBITDA – more than UAH 620 million.

Obligations to implement the agreement on distribution of hydrocarbons will be ensured by ZAKHIDNADRASERVIS LLC, DRILLING COMPANY HORYZONTY LLC, NORDIK PC and KARPATNEFTOKHIM LLC in regard to which the above companies present a joint guarantee for the fulfilment of financial, technical, environmental and other obligations under the production sharing agreement.

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