“Ukrnafta is suing Kolomoisky’s colleagues with the help of American lawyers
22 April 22:15
On April 2, PJSC Ukrnafta signed an agreement with Gibson, Dunn & Crutcher LLP (USA) on legal services worth $1.10 million.
This is stated in the Prozorro system, according to Nashi Hroshi, "Komersant Ukrainian" reports.
Until February 28, 2026, Gibson Dunn will represent Ukrnafta against Momentum Enterprises (Eastern Europe) Limited (Cyprus) and the Representative Office of Momentum Enterprises (Eastern Europe) Limited in commercial arbitration in accordance with the Rules of the London Court of International Commercial Arbitration.
The agreement stipulates that $1.10 million is an annual fixed fee for Gibson Dunn’s legal services for the entire duration of the case.
The procurement was made without bidding, as it relates to legal services.
The London Court of International Arbitration is considering the case of Ukrnafta’s claim against the Cyprus-based company Momentum Enterprises (Eastern Europe) Limited
The London Court of International Arbitration is currently considering arbitration case No. 246338 in the claim filed by Ukrnafta against Momentum Enterprises (Eastern Europe) Limited, a Cyprus-based company, regarding the latter’s fulfillment of its contractual obligations to Ukrnafta. The arbitration proceedings are currently awaiting a hearing on procedural issues between the parties to the arbitration and the arbitral tribunal, and Ukrnafta is expected to file its statement of claim.
“Ukrnafta had a joint venture with Momentum Enterprises (Eastern Europe) Ltd
Formally, the beneficiaries of this Cypriot company are unknown, but it, along with companies from Ihor Kolomoisky’s entourage, participated in other contracts of Ukrnafta and Ukrtatnafta that became problematic for the companies, NV Business reports.
According to the publication, in 1997, an agreement on joint investment activity (JIA) No. 999/97 was signed between Ukrnafta and Momentum Energy International Inc. A year later, the aforementioned Momentum Enterprises (Eastern Europe) Ltd. took the place of the partner and pledged to invest $28 million by March 31, 1999.
“The Cypriots did not fulfill their direct investment plan in time, and part of the investment was made from the profits received from the joint venture. At the same time, Ukrnafta’s share gradually decreased, and 44 high-producing gas wells were transferred to the JV’s balance sheet and sold at a reduced value.
According to Ukrnafta, in 2013-2015 alone, it lost $117.1 million in net income. In 2015-2016, an additional UAH 2.3 billion in receivables to Ukrnafta arose as a result of the free transfer of commercial products and advance payments for the purchase of products.
The activities of this BOD were suspended in March 2016. However, with the participation of Mark Rollins, then Ukrnafta’s CEO, all 48 wells changed ownership and were transferred to joint ownership and use with Momentum. According to the editorial, the possibility of a legal dispute was being considered. At the same time, Momentum, in turn, sued PJSC Ukrtatnafta, which can be read in detail in the article itself.
Gibson Dunn is a multinational law firm headquartered in the United States. It has a history of defending large corporations, including fossil fuel companies.
