Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/jkx-launches-arbitration-proceedings-against-ukrai.shtmlJKX launches arbitration proceedings against Ukrainian Government
JKX Oil & Gas plc and its wholly owned Ukrainian and Dutch subsidiaries (JKX) have commenced arbitration proceedings against Ukraine
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JKX Oil & Gas plc and its wholly owned Ukrainian and Dutch subsidiaries (JKX) have commenced arbitration proceedings against Ukraine under the Energy Charter Treaty, the bilateral investment treaty between the United Kingdom and Ukraine and the bilateral investment treaty between the Netherlands and Ukraine.
In these proceedings, JKX is seeking compensation for the losses it has suffered from Ukraine's treaty violations, including Ukraine's failure to treat JKX's investments in a "fair and equitable" manner and failing to comply with commitments made by Ukraine in respect of JKX's investments.
In particular, JKX is seeking repayment of more than USD 180 million in rental fees that its Ukrainian subsidiary has paid on production of oil and gas in Ukraine since 2011.
