The Resolution of the Cabinet about electronic auctions LPG came into force


The Cabinet of Ministers of Ukraine amended Resolution No. 570 of October 14, 2014 "On the organization and holding of exchange auctions for the sale of crude oil, gas condensate of its own production and liquefied gas", which regulated the sale of oil, gas condensate and LPG "Ukrgzsdobycha" and "Ukrnafta" ".


The corresponding decision No. 882 of October 4, 2017, was made public on the website of the Cabinet of Ministers. The ruling was also published in the newspaper "Uriadovy Courier" on Friday, November 24.


According to the changes, state companies were allowed to sell their products on electronic exchange auctions. The updated procedure allows companies to conduct auctions more than twice a month. Note, that before the sellers could hold one main auction and one additional.


The decision on the form of the auction (electronic or with a vote) is taken by the auction committee. The announcement of the auction should be posted on the exchange's website not earlier than three days before the auction.


In addition, in the new version of Resolution No. 570, non-resident companies are allowed to auction for the sale of oil, gas condensate and liquefied gas. In case of non-resident participation, the starting price should be calculated in US dollars at the rate of the NBU.


According to Resolution No. 882, when calculating the starting price for LPG, import data is taken not 15 days before the registration of applications, but for 10. However, for the auctions for the sale of oil and gas condensate, the document was left in 15 days. Under the new version of the document, applications for participation in auctions can be submitted not for 7, but 5 days before it is held.


We note, that changes in the procedure for holding auctions for the sale of oil, gas condensate and liquefied gas were made on October 4, 2017. However, after that the document was sent for revision to the Ministry of Finance and the Ministry of Energy of Ukraine.


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