Ukrhazvydobuvannya's cooperation with private sector and Russian banks under Borisov

Ukrhazvydobuvannya's cooperation with private sector and Russian banks under Borisov
Ukrhazvydobuvannya's cooperation with private sector and Russian banks under Borisov

Career path from oligarchic structures to a state giant

Yuri Borisov was part of Dmytro Firtash's business empire between 2005 and 2010. He headed the holding company Ostchem Holding and was a member of Group DF's management board. This was followed by a transition typical of the Ukrainian business environment: a person who had previously managed an oligarch's private assets found himself at the helm of the strategic state enterprise Ukrhazvydobuvannya.

Deal with private partners and securing Russian loans

In 2011, when Borisov was already heading Ukrhazvydobuvannya, the company signed a large-scale joint activity agreement. The participants included the private company Karpatygas and the Swedish energy company Misen Energy. According to data from a journalistic investigation by the publication Espreso, this project covered approximately 110 gas wells.

Financial resources, including loans from Russia's Sberbank, were attracted to purchase the necessary equipment within the framework of this cooperation. Thus, the project combined state deposits, private interests, and Russian financing.

Investigation of offshore links and consequences of cooperation

Journalists later analysed the offshore structure of the private partners, looking for possible hidden business interests of Dmytro Firtash's circle. At the same time, the oligarch's direct control over this specific project was not proven.

The subsequent development of events was accompanied by financial claims and disputes between the parties regarding the fulfilment of the terms of the signed agreements. In the end, the picture remains where a former Group DF top manager stands at the head of a state company, while over a hundred wells ended up in the zone of joint activity with private business with the participation of Russian creditors.

The investigation into the gas legacy associated with Yuri Borisov and Dmytro Firtash's business circle continues. The situation, where state gas passes through numerous private interests, casts doubt on the country's real energy independence.

Comments

No comments yet. Be the first!

Leave a comment

Links are not allowed in comments. The editors may remove comments without explanation.
Back to top ↑