Ukraine is reducing gas production. Is there a redistribution of assets on Bankova Street?

It seems that the story of stopping production at the largest gas field in Ukraine will not end quickly or well. As they say, there is no political will...

At the beginning of autumn, the president’s office promised to work out changes to the legislation so that when sanctions are imposed on the owner, the work of the enterprise would not stop.

We quote Rostyslav Shurma: “... today there is a legislative norm that provides for the deprivation of licenses in the event of sanction by the owners of companies... We will monitor how to revise this norm. This is the competence of the Verkhovna Rada of Ukraine, but we know this problem and will definitely introduce... discuss and, perhaps, introduce appropriate legislative (changes. – I.M.).”

The problem of stopping the work of such enterprises had already been around for more than six months at that time, and it was well highlighted. The same Smart-Holding of Novinskyi published a monthly summary of how much the state is missing in taxes due to the shutdown of its Kharkiv gas fields (about a billion hryvnia and more than a hundred million cubic meters).

Although, due to their inherent modesty, they forgot to add that at the Poltava field, where officials failed to stop production (the situation was saved thanks to listing on the London Stock Exchange), gas production also fell by half compared to the pre-war level. This is also an interesting question, and it would be nice to understand what is actually happening here?

Another three months passed, but nothing legislative was brought to the Verkhovna Rada of Ukraine, but the state lost production from a much larger asset. By a court decision, it was stopped at the Kharkiv Sakhalin field of PJSC "Ukrnaftoburinnia".

If in the history of "Smart-Holding" Novinskyi the country loses 12 million cubic meters monthly (during the war, let us remember), then with the fact that it was decided to stop the activity of PJSC "Ukrnaftoburinnia", our country is losing four times more.

If you look at the reaction of various political figures, or rather, at the complete absence of this reaction, then the question inevitably arises: guys, who is the customer?

The Aerospace Forces of the Russian Federation, which are trying to achieve exactly the same thing, are not taken into account for now. Their impact on production is so far much more modest than several decisions of the capital’s courts, even after carrying out 120 missile strikes on oil and gas infrastructure.

It turns out that these are “cosmonauts” who, as it turned out, are direct and specific enemies. Our country is able to deal with their attacks quite well. It is always worth remembering about the saboteurs working in Pechersk and its environs. After all, these people are much more insidious than all others.

I don’t plan to call them bad names or even just say their names. The only thing that really surprised me was the very quick reaction of the Supreme Court of Ukraine, which confirmed that stopping production is very correct, and that it is impossible to look for any options. A decision that strictly confirms the complete non-partisanship and impartiality of the Judicial System. When there is no such system (and this has happened), then the answers become more and more vague, and the timing of decision-making becomes completely different.

​Too important events are happening and there is no time to pay attention to the extraction of mineral resources and war. Really, what are you talking about?

State Geology and Subsoil Service of Ukraine had cheerfully responded a little earlier (albeit on a different occasion) that it really doesn’t care about the efficiency of the sanctioned fields. This is not the task of this institution.

Now we are waiting for the EU Anti-Corruption Initiative in Ukraine. Previously it was said that until the decision of the main officials nothing would be terminated, and in general what was happening was not good and state revenues were lost. Well, the main political figures have already closed this topic and do not want to return to it. But we will wait.

I remember that another working group was also created to find solutions to the issue. Today there is not the slightest reason to doubt either the highest professionalism or the complete impotence of this work group. For almost a month there was no news about the results of the work of this structure. This is normal – whatever the “right people” tell the participants in this group, so they will do.

It’s funny, but it is precisely for this reason that the already voiced version that Mykolai Zolochevskyi, one of the founders of PJSC "Ukrnaftoburinnia", is behind what is happening seems unlikely. Even despite the current activity of the disrespected investor, the caliber and current opportunities are slightly different. That is, technically he will pull it off; his company called "Burisma" is quite good. But to order...

However, the names will become known in the future. For now, the trend is important. The redistribution of assets from the wrong people to the right ones has begun. There is even a name - “young oligarchs”. They were late for the initial redistribution of property and now they are taking for themselves what they did not have time to take before. Nothing new or unusual happened, it’s just that rockets had never flown across the sky before.

In the case of PJSC "Ukrnaftoburinnia", this means that the oil field will stand for a while, and then it will go to someone at a low price at the current exchange rate.” The company cannot be sold at an expensive price, since the fact that there is a war in our country is guaranteed to scare off foreign participants. Moreover, at a time when the West is drawing maps where the Kharkiv Sakhalin field of PJSC "Ukrnaftoburinnia" is a future battle zone. And the shelling there continues right now.

If there is someone who is not understanding, they will gently explain to him that there is no need to deal with this issue now, but that it is much better to buy it “from us” later (with a markup, of course).

It is worth noting that the British Joint-stock company "Poltava gas and oil company", which was a minority shareholder (10%) in the Kharkiv Sakhalin field PJSC "Ukrnaftoburinnia", is now hastily cleaning its assets from traces of Kolomoisky's presence and praying to God that it has a London residence permit.

So, our patriotic people will probably acquire the asset (or maybe just take it under management). In addition, our patriots will launch production for many months (we hope not years) in an idle oil field, and that’s all... This is a happy ending.

Moreover, the people who work there are smart and, as their smart work with assets that have a real (and not offshore) shareholder component shows, they are not lawless. Why then quarrel? After all, they are still teaching children in London together. And it’s more reliable to sue for assets there than in Pechersk.

***

In general, we are moving according to a long-known plan.

But if the balance of power is calculated incorrectly, everything is lost in long-term legal disputes (the Kharkiv Sakhalin field PJSC "Ukrnaftoburinnia" is well acquainted with this situation), during which the hostile parties try to win by seriously offending their opponent. Although at this stage no one will announce the name of the customer.

In this case, the extraction of natural resources will, of course, stand still, and gas will be bought abroad, losing both in overpayments and in lost taxes. Unfortunately, we have already become accustomed to such an unfavorable situation.

Just think, the loss is 700 million cubic meters of our gas annually. After all, these are just trifles for the country. But it’s a completely different matter for a specific person (even a group of friends) to have a share in a company with an annual turnover of hundreds of millions.

By the way, in addition to gas, the fields also produce gas condensate – at PJSC "Ukrnaftoburinnia" about 5 thousand tons per month. Previously, it was used for processing, slightly reducing the need for imported petroleum products. And it can be poured into tanks almost immediately. Well, why cry over trifles, we’ll buy them somewhere anyway. There's plenty of money.

And yet there is a small flaw in this idyllic scheme. Unfortunately, there is no formal article in Ukrainian legislation – “we are preparing an asset for sale to good people.” That is, in fact, there is a mechanism, but it has not yet been introduced into legislation. We'll have to come up with something.

In the meantime, the free limit is ending. The West is allocating funds for support more and more stingily, cynically (and less and less restrained) pointing out that it did not sign up to supply all the corruption schemes. Our political leaders will still have to take some at least cosmetic actions. Even if it causes financial hardship for people. Let's repeat it once again for worthy, patriotic, modern-minded people with the same spirit. Without being too pathetic, in the spring we considered different options for asset management. The year ends and the outcome is not just nothing, but the loss of another gas and oil field. At least out of decency, we need to pretend that the problem here is of interest to someone...

 

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