OREANDA-NEWS. November 30, 2009. On the 27th of November, the biggest oil producing company Ukrnafta < UNAF UK BUY > announced that it was impossible to conduct its EGM due to the fact that its shareholders' register was unavailable. The management of the Company promised to inform all shareholders about the date of the next EGM within the deadline established by the effective law.

This development did not come as a surprise. One should have expected this, following the ruling of the Commercial Court of Kyiv dismissing the claim of Ukrnafta filed on the 2nd of November to own 8.49 cubic meters of natural gas. It looks like the corporate conflict between the two main shareholders of the Company (Naftogaz Ukraine, which owns 50%+1 of Ukrnafta shares, and Privat Group owning a 40% stake in the Company) is in full swing.