DTEK to bring experienced partner into Vanco Prykerchenska project
MOSCOW. May 29 (Interfax) - DTEK, Ukraine's largest private vertically integrated energy holding, plans to bring a partner with experience in developing offshore fields into the Vanco Prykerchenska project, DTEK CEO Yuriy Ryzhenkov told reporters in Kyiv on Wednesday.
"First we have to finish the process on the amicable agreement, and then we'll look for a serious partner with experience in realizing similar projects," he said.
Ryzhenkov added that without support of an experienced partner it would be difficult to realize the Vanco Prykerchenska project.
The BVI-registered Vanco Prykerchenska Ltd. has asked Pechersky District Court in Kyiv to recognize the final decision of the Arbitration Institute of the Stockholm Chamber of Commerce (Sweden), which on December 28, 2012 approved an amicable production sharing agreement (PSA) on Prykerchensky deposit of the Black Sea shelf between the company and Ukraine.
According to the PSA, Ukraine will receive about 70% of the total production on the deposit.
DTEK in November 2012 signed an agreement on the acquisition of shares in Vanco Ukraine Ltd (Britain Virgin Islands), which will allow it to increase its stake in the company from the current 25.5% to over 50%.
DTEK was established in 2005 to manage the energy assets of the System Capital Management group, owned by businessman Rinat Akhmetov. DTEK is a vertically integrated company involved in the production and enrichment of coal and the generation and sale of electricity.