The largest private energy holding in Ukraine – DTEK – is buying Vanco Ukraine Ltd. (British Virgin Islands), reads a report posted on the Web site of the Competition Commission of Serbia.
The report says that the agreement on the acquisition of a controlling stake in Vanco Ukraine was signed on November 27, 2012.
Earlier DTEK CEO Maksym Tymchenko told Interfax-Ukraine that this quarter DTEK plans to switch focus towards its oil and gas assets and its participation in Vanco Prykerchenska.
Vanco International, fully owned by Vanco Energy Company (the United States), in April 2006 was declared the winner of a tender to sign a product sharing agreement for extraction of hydrocarbons on the Black Sea shelf within the Prykerchensky oil and gas field. In October 2007, Vanco International assigned its rights and liabilities for PSA to Vanco Prykerchenska created in August 2007. The owners of Vanco Prykerchenska on a parity basis are Vanco International, DTEK, Shadowlight Investments Limited of Russian businessman Evgeny Novitsky and Integrum Technologies Limited.
Yulia Tymoshenko’s government in 2008 left the PSA agreement and Vanco appealed to the international arbitration still offering the Ukrainian government to resume cooperation under the PSA agreement. When Viktor Yanukovych became Ukrainian president the new government of Mykola Azarov in April 2011 approved an amicable agreement with Vanco Prykerchenska, instructing to amend the agreement in distribution of hydrocarbons.
