• 3 minutes Shale Oil Fiasco
  • 7 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 12 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 16 minutes Global Debt Worries. How Will This End?
  • 10 mins DUMB IT DOWN-IMPEACHMENT
  • 10 mins Greta named Time Magazine "Person of the Year"
  • 5 hours POTUS Trump signs the HK Bill
  • 1 hour Everything you think you know about economics is WRONG!
  • 5 hours americavchina.com
  • 6 hours Forget The Hype, Aramco Shares May be Valued At Zero Next Year
  • 1 day WTO is effectively neutered. Trump *already* won the trade war against China and WTO is helpless to intervene
  • 1 day Democrats through impeachment process helped Trump go out of China deal conundrum. Now Trump can safely postpone deal till after November 2020 elections
  • 7 hours Winter Storms Hitting Continental US
  • 6 hours Aramco Raises $25.6B in World's Biggest IPO
  • 16 hours Can Renewable Natural Gas Compete With Diesel?
IEA Pours Cold Water Over OPEC+ Optimism

IEA Pours Cold Water Over OPEC+ Optimism

While OPEC has dominated headlines…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Ukraine Sign $1.1 Billion LNG Deal with the Wrong Man

Ukraine has just admitted that it signed a $1.1 billion LNG deal with a man who did not even work for the company he claimed to be representing.

The deal was intended to be between Ukraine and the Spanish energy company Gas Natural Fenosa, to build a LNG terminal on Ukraine’s Black Sea coast. The terminal was part of plans to free the country from dependence on Gazprom’s expensive imports, by enabling them to accept cheaper LNG from suppliers around the Caspian Sea and the Gulf of Persia.

Vladislav Kaskiv, the head of the Ukraines state investment agency, signed the contract in front of the Prime Minister and the Minister for Energy.

Upon the announcement of the deal Gas Natural Fenosa were very quick to deny its legitimacy, saying that they weren’t even thinking about such a venture in Ukraine.

Related Article: Over 3,000 Leaks Found in Study of Boston's Natural Gas Pipelines

It turns out that the man, Jordi Sarda Bonvehi, was a middle man, and not even part of the Spanish company. He was just organising the visit of the official representatives from Gas Natural Fenosa.

Once it was clear that the reps couldn’t make it, Snr. Bonvehi decided to sign the contract himself. He explained his actions to Reuters, saying: “I thought I could sign it and then settle it with the company.”

The Spaniards released a statement that said: “this person does not represent the company, therefore Gas Natural Fenosa reserves the right to take such legal action as may be appropriate once the details of the situation have been clarified.”

Kaskiv commented that the whole project would still go ahead despite the lack of involvement of Gas Natural Fenosa. “The Spanish company's possible refusal to take part in the project will not be critical.”

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play