“The Commercial Court of Kiev granted the claim of SOCAR Ukraine Trading House LLC for invalidating and canceling the decision of the Ukrainian Energy Exchange, which in August 2019 publicly accused traders of “deliberate actions with the purpose of manipulating the market ”, applied penalties to them and temporarily suspended them from participating in the auction,” said the company.
Moreover, according to the court decision, Ukrainian Energy Exchange committee was obliged to refute the inaccurate information discrediting SOCAR's business reputation, the company said.
“The conflict occurred during the exchange trading of natural gas. SOCAR Ukraine Trading House for the first time took part in an auction on the Ukrainian Energy Exchange as a buyer and acted strictly within the rules and regulations of the exchange,” said the company.
SOCAR has been operating in Ukraine since 2008.
SOCAR Energy Ukraine’s Trading House is a permanent member of the Ukrainian Energy Exchange and regularly takes part in e-trading. Its sole goal is to acquire a resource for commercial needs.
The company first participated in natural gas trading at the Ukrainian Energy Exchange e-platform on August 13, 2019. During the auction, lots of 50,000 cubic meters were traded.
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