Aleksander Kwasniewski: Burisma to boost Ukrainian gas production

February 2, 2016

Aleksander Kwasniewski, a former President of Poland and an independent director at Burisma Holdings, one of the largest private gas producers in Ukraine, believes that Burisma will boost Ukrainian gas production and will continue to contribute to Ukrainian and European security. He noted that to the Ukrainian News commenting on the deal regarding the purchase of shares of the Ukrainian gas company KUB-Gas by Resano Trading LLC (affiliate of Burisma Holdings).

“Reducing energy-dependence is a number one factor for Ukraine’s safety and stability and, thus, a key to ensuring European energy security. Today, Burisma is the most technologically and professionally trained group with required expertise in Ukrainian natural gas production”, said President Kwasniewski.

He is certain that the company will bring substantial investment to the industry and it will have a positive impact on Ukrainian and European energy security and economy.

“With its latest technologies and vast investment base, Burisma can provide a significant boost to Ukrainian gas production and make a feasible contribution to the economy and security of Ukraine, as well as the entire European continent. Europe, in its turn, welcomes transactions that contribute to the well-being and safety of the “European home”, said former President of Poland.

Today, February 1, a Canadian public company Serinus Energy Inc. announced the signing of an agreement for the sale of 70% stake in the Ukrainian company KUB-Gas and is in the process of closing. According to the company’s stock exchange announcement, the buyer is Resano Trading LLC, which belongs to Burisma group.

KUB-Gas ltd is a Ukrainian company with 5 production licenses and one exploration license in eastern Ukraine. Previously, the company was forced to reduce staff by a third. Due to the lack of investment in Q3 2015, KUB-Gas managed to get only 229.5 mln cubic meters. The company reduced production of hydrocarbons by 38% compared to the same period in 2014 and by 5% compared with the Q2 of 2015.