CMS advises NAFTA on acquisition of remaining stake in Uzhhorod gas field in Western Ukraine

CMS Cameron McKenna Nabarro Olswang in Ukraine has advised NAFTA International B.V. (NAFTA), a Slovak oil and gas exploration, production and gas storage company, on the buyout of its joint venture partner, Cub Energy Inc., to become the owner of 100% of the Ukrainian company which holds a licence for the exploration and production of hydrocarbons near Uzhhorod, Ukraine.

The Uzhhorod License, covering 300 square kilometres, is a geological continuation of much-explored areas in eastern Slovakia and is on trend with discoveries in Slovakia.

CMS advised NAFTA on all aspects of the buyout transaction, including the drafting and negotiating the transaction documents and assisting with closing and merger clearance. CMS previously advised NAFTA on its joint venture with Cub Energy Inc. and acquisition of a 50% stake in CNG Holdings Netherlands B.V..

Vitaliy Radchenko, Head of Energy & Projects at CMS in Kyiv, comments: “We are pleased to have supported NAFTA on this yet another important transaction, helping to expand their project portfolio in Ukraine, as well as development activities and investments in Uzhhorod project. This deal further illustrates CMS’s pre-eminence for key energy transactions in Ukraine and across Central and Eastern Europe.”

The CMS team was led by partners Vitaliy Radchenko (Energy & Projects), Tetyana Dovgan (Corporate M&A), and Olga Belyakova (Competition), with support from Louise Çakar, Mariana Saienko, Ihor Pavliukov, Denys Hatseniuk, Mykola Heletiy, Oleksandr Sytnyk, Anatolii Doludenko, Ivan Pshyk, William Anderson and Rory Thomson.