OREANDA-NEWS. May 19, 2008. DTEK, the energy holding of SCM Group, acts as a financial investor in the Prykerchenska Oil Field Development Project, reported the press-centre of SCM Group.

In 2007 Deuchebank invited us to the project and we accepted the offer as we were interested in the diversification of our energy business. This project allows Ukraine to obtain unique experience and probably to enter oil and gas sector.

We believe that the project is very important for Ukraine and its energy supply security. If oil and/or gas is found in the Black Sea shelf Ukraine will be able to change its place on the energy map of the world and Europe and become energy independent.

We would like to note that in our opinion the terms and conditions of the Product Sharing Agreement developed by the country fully comply with the interests of Ukraine, the world oil exploration and production practice considering the risk level and capital intensity of the project.
We are sure that the project implementation will be successful and it will contribute a lot to the investment attractiveness of Ukraine. We also believe that lack of coherence in the project and systemic violation of the supremacy of law principles can lead to significant reduction in the investment attractiveness of the country’s economy and lost of investors’ trust.

SCM is confident in the importance of the project for Ukraine and hopes the parties of the Product Sharing Agreement will choose a constructive approach in dispute settlement by means of negotiations.