• 50 mins Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 6 hours British Utility Companies Brace For Major Reforms
  • 10 hours Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 12 hours Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 13 hours Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 14 hours OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 15 hours London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 16 hours Rosneft Signs $400M Deal With Kurdistan
  • 18 hours Kinder Morgan Warns About Trans Mountain Delays
  • 1 day India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 1 day Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 1 day Russia, Saudis Team Up To Boost Fracking Tech
  • 2 days Conflicting News Spurs Doubt On Aramco IPO
  • 2 days Exxon Starts Production At New Refinery In Texas
  • 2 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 2 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 3 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 days China To Take 5% Of Rosneft’s Output In New Deal
  • 3 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 3 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 3 days VW Fails To Secure Critical Commodity For EVs
  • 3 days Enbridge Pipeline Expansion Finally Approved
  • 3 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 3 days OPEC Oil Deal Compliance Falls To 86%
  • 3 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 3 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 4 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 4 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 4 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 4 days Aramco Says No Plans To Shelve IPO
  • 6 days Trump Passes Iran Nuclear Deal Back to Congress
  • 6 days Texas Shutters More Coal-Fired Plants
  • 7 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 7 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 7 days Chevron Quits Australian Deepwater Oil Exploration
  • 7 days Europe Braces For End Of Iran Nuclear Deal
  • 7 days Renewable Energy Startup Powering Native American Protest Camp
  • 7 days Husky Energy Set To Restart Pipeline
  • 7 days Russia, Morocco Sign String Of Energy And Military Deals
  • 8 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
Global Energy Advisory 13th October 2017

Global Energy Advisory 13th October 2017

Tensions between Iran and the…

Saudi Arabia Looks To Shelve Aramco IPO

Saudi Arabia Looks To Shelve Aramco IPO

Saudi sources have confirmed that…

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 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