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Ukrainian Universal Exchange the winner of the Ministry of Energy competition (OilNews)

The winner of the competition of the Ministry of Energy and Coal Industry, by definition of the exchanges eligible for organizing and conducting auctions for sale of oil, gas condensate of equity production and liquefied gas on the domestic market, including specialized auctions of liquefied gas for the population needs was Ukrainian Universal Exchange (UUEX). This is stated in the Decree of the Ministry № 463 of June 20, 2014.

According to Decree, the Department of oil and gas industry functioning and reform must secure the contract between the Ministry of Energy and UUEX within five days from the date of publication of the official results of the competition.

It is to be recalled that, first place in the competition was taken by the UUEX, second place - Ukrainian Energy Exchange (UEEX), the third - Ukrainian Agrarian Exchange (UAEX) fourth - Ukrainian Interbank Currency Exchange (UICE).

The contest was announced by the Ministry in May. The Commission included representatives of the Ministry of Energy, Ministry of Economic Development, state-owned companies "Naftogaz Ukraine" PJSC "Ukrgazvydobuvannya" and PJSC "Ukrnafta". On June 12, the Commission stopped to accept applications from participants. 12 exchanges were admitted to the competition.

As reported by OilNews, currently in the legislative field a legal vacuum appeared in particular regarding companies which sale liquefied gas. So, the First Independent Exchange, selected in 2013 by the Ministry in competition for conducting auctions on state companies’ energy, withdrew in February 2014. In the current situation of the company-producers of energy with large state participation (PJSC "Ukrnafta" and PJSC "Ukrgazvydobuvannya") sell oil, liquefied gas and diesel fuel at its discretion. At the same time specialized auctions on liquefied gas for household needs of the population remains completely blocked. Last special auction was held on January 30.

OilNews Information

Ukrainian Universal Exchange (Poltava), founded in 1997, the Exchange has an electronic trading platform. Cooperates with PJSC "Ukrgazvydobuvannya" and Poltava petroleum company In the energy sector.


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