Misen Energy AB: Misen offers Ukraine to settle dispute related to the imposition of the 70% subsoil use charge

On 16 February 2021, Misen Entergy AB (publ) and its partially owned subsidiary Misen Enterprises AB (collectively as "Misen") respectfully offered to the Ukrainian Government a final opportunity to resolve the dispute notified to Ukraine in the Notice of Dispute dated 5 October 2015. Absent an amicable solution within the next 30 days, Misen will proceed with the initiation of ICSID arbitration proceeding in accordance with Article 8 of the Agreement between the Government of the Kingdom of Sweden and the Government of Ukraine on the Promotion and Reciprocal Protection of Investments of 1995.

By its notice of 5 October 2015, Misen notified Ukraine of the dispute that pertains to Ukraine's breaches of Misen's rights - and the ensuing damage to Misen's investment in Ukraine - resulting from the imposition of a 70% subsoil use charge for the production of natural gas from depths of up to 5,000 meters.  

As previously reported, the compensation Misen received from JSC Ukrgasvydobuvannya in the arbitration case SCC No. V 2016/114 reflected Misen`s share of the replacement costs of the equipment subject to the joint ownership under the JAA No.3. However, this compensation did not reflect the going concern value of Misen's share at the time the exorbitant subsoil use tax was imposed on the Joint Activity, which led to the termination of the JAA No.3.

Source: Cision
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