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The ERU Group changes its management and ownership

Mr. Andrew Favorov, one of the partners of the Energy Resources of Ukraine GC, accepted the offer of NAFTOGAZ OF UKRAINE NJSC to head the integrated gas division.

Along with taken decision and following generally accepted principles, Mr. Andrew Favorov shall cease to be a manager of the ERU Group of Companies and sell his share to the continuing business partners – Mr. Dale Perry and Mr. Yaroslav Mudryу.   

Mr. Andrew Favorov, the founder of the ERU Group, said: "I decided to accept the offer of NAFTOGAZ OF UKRAINE NJSC, as I feel the need to defend and continue the oil and gas industry processes and reforms launched in 2015. The gas market has transformed, and NAFTOGAZ OF UKRAINE NJSC has played a critical role in it. I believe that my experience and life principles will help to strengthen the NJSC team, continue the integration of the Ukrainian gas market with the European one, ensure the supply of a necessary resource and create new opportunities for local gas production.  Of course, it hurts me to leave the ERU, because it is my third child and my family, in practical terms. But I can safely say that the team and business remain in good hands of professionals."

Mr. Yaroslav Mudrуy, the managing partner of the ERU Group and director of ERU Trading LLC, commented: "We support Andrew's initiatives and wish him success in his new position. I am sure that this challenge is a significant moment for the gas industry in particular and Ukraine as a whole. The decision to sell his share in the business when moving to a responsible position in the public sector to neutralize the conflict of interest is a good demonstration of European approaches and values. The ERU Group continues to develop on the Ukrainian energy market. We move beyond, and soon we will announce new strategic lines of our activity."

Mr. Dale Perry, the managing partner of the ERU Group of Companies, commented: "I had the pleasure of working with Andrew since 2005 when I invited him from Georgetown University in Washington DC to work with me in Central Asia and the CIS. I am proud of the team we have built in Ukraine and the success of the ERU Group in such a difficult market. I wish Andrew good luck in his new position, as he will share his success with Ukrainian people. I would like to thank Andrew for his invitation to join the ERU Group incorporation in 2014. And I am looking forward to see how the company will grow and develop in such a significant energy sector in Ukraine."

The ERU Group implements projects in the Ukrainian energy sector, and together with its subsidiary, ERU Trading LLC is a leading importer and supplier of natural gas in Ukraine. The consumer portfolio includes large metallurgical, chemical and agricultural enterprises. Moreover, the ERU Group exports and supplies electricity on the Ukrainian market, commercializes fuel oil, coal and other types of raw materials. As an American investor, the ERU Group of Companies has OPIC’s political risk insurance.

 

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