Ukraine: Legal support to Public Joint Stock Company “Mahistralni Gazoprovody Ukrainy”
We provided legal support to the implementation of reforms in Ukraine’s gas sector with respect to establishing the fully compliant gas Public Joint Stock Company “Mahistralni Gazoprovody Ukrainy” (PJSC “MGU”) and transferring assets from the Ukrtransgaz/NAK Naftogaz to ensure their role as an independent Transmission System Operator (TSO). This was done through an assessment of existing legal frameworks that would allow PJSC “MGU” to perform the function of a gas TSO and due diligence to identify any hidden risks and liabilities throughout the process. As the transition was made, we provided follow-up and ad-hoc legal support to the MGU management and supervisory boards.
As a result of consistent and competent legal advice, we successfully facilitated the completion of successful certification process and the preparation of Ukraine for the signature of a new gas transit agreement in line with the European acquis.
- Analysed the main functions to be transferred by NAK Naftogaz to PJSC “MGU” and the MGU’s ability to perform gas TSO functions and responsibilities
- Developed the implementation roadmap outlining the major steps to be fulfilled by PJSC “MGU” to make the TSO fully operational
- Verified that all core TSO functions were received by PJSC “MGU”
- Conducted legal due diligence to identify hidden risks and avoid hidden liabilities
- Drafted the service agreements between PJSC “MGU” and NAK Naftogaz and other entities
- Assisted the management and Supervisory Board of PJSC “MGU” in the set-up of the TSO