Dutch Company Yuzgas To Make More Things Complicated In Ukraine As The Kiev Junta Lifts Ban On Fracking !

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Kiev lifted ban on fracking in Donbass by Dutch YuzGas

28.03.2017

The Dutch company Yuzgas has the full right to extract shale gas at the Yuzovsky site in the Kharkov and Donetsk regions, the ban of the government of Ukraine is canceled. This is stated in the decision of the Administrative Court of Kiev, published in the Unified State Register of Judgments.

The court also found illegal the actions of the Minister of Energy and Coal Industry of Ukraine, Igor Nasalik, and ordered the government to consider the request of the Yuzgas to develop the field.

The Yuzovsky deposit is located within the Donetsk and Kharkov regions, its area is almost 7,9 thousand square kilometers. The projected reserves range from 2 to 4 trillion cubic meters of shale gas.

As reported by EADaily, in July 2016, the Yuzgas won the tender for the shale gas production at the Yuzovsky site, where Shell had planned to work previously. On November 2, 2016, the Ukrainian government backed Nasalik’s initiative and denied the Yuzgas the right to extract shale gas at the Yuzovsky site.

According to public sources, the Yuzgas B.V. company was registered on June 14, 2016, belongs to the Emerstone Energy fund (Luxembourg). This fund, in turn, is owned by the Luxembourg asset management company Emerstone Capital Partners.

The head of the Emerstone is Yaroslav Kinakh, who used to head the Ukrainian office of the EBRD. The last few years, Kinakh led the Canadian Black Iron which in 2010, bought, for just $ 13 million, the Shimanov Iron Ore Project from the Ukrainian oligarch Victor Pinchuk (EastOne).