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Ukrainian market regulator slaps small fine upon billionaire's offshore company

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Oct. 1, 2011, 12:59 p.m. | Business — by Interfax-Ukraine
Kyiv, September 30 (Interfax-Ukraine) - Ukraine's Antimonopoly Committee announced in a statement on Sept. 30 that it has fined Ralkon Commercial Ltd., a British Virgin Islands registered company controlled by billionaire Igor Kolomoisky, for building up a stake of over 25 percent in London-listed hydrocarbon producer JKX Oil & Gas (JKX) without a relevant permission from the market regulator. A small fine of Hr 30,000 ($3,750) was slapped upon the company.

As reported, in February 2011 Kolomoisky, through Ralkon Commercial Ltd built up a 27.06 percent stake in London-listed JKX.

JKX’s main asset is Poltava Petroleum Company, one of the largest privately-owned hydrocarbon producers in Ukraine.

Poltava Petroleum holds four licenses to develop oil and gas fields that are part of the Novomykolaivske complex in Poltava region, covering 271 square kilometers. Poltava Petroleum also has three exploration permits -- for the Zaplavske, Yelyzavetovske and Chervonoyarske-Skhidne fields -- which cover a total of 171.2 square kilometers.

The company is also constructing a gas processing plant at the Koshekhablskoye gas condensate field in Adygeya (Russia).

A fine of Hr 30,000 was slapped upon the company.

As reported, in February 2011 Kolomoisky, through Ralkon Commercial Ltd built up a 27.06 percent stake in London-listed JKX.

JKX’s main asset is Poltava Petroleum Company, one of the largest privately-owned hydrocarbon producers in Ukraine.

Poltava Petroleum holds four licenses to develop oil and gas fields that are part of the Novomykolaivske complex in Poltava region, covering 271 square kilometers. Poltava Petroleum also has three exploration permits -- for the Zaplavske, Yelyzavetovske and Chervonoyarske-Skhidne fields -- which cover a total of 171.2 square kilometers.

The company is also constructing a gas processing plant at the Koshekhablskoye gas condensate field in Adygeya (Russia).
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