Ukrainian oil producing companies to be able to choose exchange to sell hydrocarbons

The Ukrainian Cabinet of Ministers has allowed Ukrainian producers of oil, gas condensate and liquefied gas to determine an exchange, on which they intend to put up their resources. Earlier a platform, on which an auction should be held, was determined by the Ministry of Energy through competition.
The procedure of organization and exchange auctions for the sale of oil, gas condensate and liquefied gas, including special auctions for the needs of the population, was secured by Resolution №570 of the Cabinet dated October 16 of 2014, the text of which was published on the government website on Monday evening.

In its decision the Government acknowledged invalidated a decree №1064 dated October 3, 2011, which determined the organization and conduct of relevant auction until recently. In addition, the Cabinet binding of the starting price of Ukrainian oil and gas condensate to the customs value of the Urals oil according to the State Fiscal Service (GFS) for the 15 days before the date of registration of applications for the auction.