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Global Energy Advisory - Ukraine Commits Financial Suicide

Regulatory/Management Alerts

During the first week of August, the Ukrainian government has moved to double tax for private gas producers, signaling the first move by key Ukrainian political-business elite to stymie any chance for reform of the energy sector and energy independence. According to our key source in Kiev--Robert Bensh, a partner in Pelicourt LLC, the majority shareholder of Cub Energy, the third-largest private gas producer in Ukraine: “This law is dangerous to the long-term security of Ukraine. It adds little to the budget and discourages drilling and investment in the upstream oil and gas sector as well as calls into question the ability to invest in Ukraine at all. No one will invest in a country that arbitrarily punishes investors that are increasing reserves and adding production value, as well as paying taxes and employing hundreds of thousands of people. No one will invest in an industry with the risk that taxes will be double or triple within a few months. This was a highly political bill. It favored Rinat Akhmetov and Ihor Kolomoyski, who either own oil or mining assets that were taxes immaterially an punitively taxes gas producers.” Contact OP Tactical for more information on the situation in Ukraine.

In Nigeria, President Goodluck Jonathan has fired the managing director of the Nigerian National Petroleum Corporation (NNPC) and the managing director of the NPDC, the NNPC’s exploration arm. Fired NNPC director Andrew Yakubu…

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