Ukrtransgaz announces the completion of the next stage of the TSO unbundling

Kyiv, Feb. 4, 2019 – The next phase included in the Roadmap of the unbundling of the transmission system operator (TSO) was successfully completed - the new company is registered under the name “Gas transmission system operator of Ukraine”.

Legal unbundling of the gas transmission operator as a critical milestone of the unbundling has been presented by the Supervisory boards of Naftogaz and Magistralni Gazoprovody Ukrainy (MGU) at the meetings in September and December in 2018.

The decision on formation of the “Gas transmission system operator of Ukraine” LLC was accepted by the “National Joint Stock Company “NAFTOGAZ OF UKRAINE” PJSC as a shareholder of the “Ukrtransgaz” JSC based on the Law of Ukraine “About join stock companies” on September 29, 2019.

According to the decision of the founder of “Ukrtransgaz” JSC, the authorized capital of "Operator of the gas transportation system of Ukraine"LLC is UAH 20 million. Pawel Stanczak was elected the General Director on the terms of a fixed-term employment contract.

The launch of the "Gas Transmission System Operator of Ukraine" will allow the proceeding to the next steps in the process of unbundling of the TSO Operator including the involvement of the foreign partners, application for the conditional certification and transmission of the necessary assets. After the completion of all stages, the creation of a fully functional and separate TSO of Ukraine on January 1, 2020, is scheduled.