Cedric Brown to head Eural Trans Gas as ownership changes
Eural Trans Gas (ETG), the Hungarian-registered gas trader with allegedly close ties to Russia’s Gazprom, has selected Cedric Brown, former ceo of British Gas and currently chairman of Atlantic Caspian Resources plc, as non-executive chairman.
The appointment is due to be ratified at the next meeting of the ETG supervisory board. The company is also to change ownership and it has appointed a western auditor, KMPG.
Netherlands-registered JKX Gas BV has taken a 30% share of ETG, a further 25.33% has been taken by the Austrian trading company DEG Handels and Atlantic Caspian Resources plc will be the biggest shareholder with 44.67%.
The previous mysterious shareholders drop out of the picture – Israeli citizen Gordon Zeev and three Romanians. Despite the similarity of name, UK-registered JKX Oil and Gas plc has only a token shareholding in JKX Gas BV.
JKX Oil and Gas is 100% owner of the Poltava Petroleum Ukrainian gas production company which recently signed a contract for the export of 720 million cubic metres of its production to Slovakia over a three-year period – which is being handled by ETG.
JKX Oil and Gas preliminary results for 2003 showed turnover rising to $36.9 million ($19.9 million in 2002) driven primarily by the 55% increase from 2002 in average daily production which totalled 8,068 boepd last year.
The production increase was largely due to the company’s development drilling programme at Poltava in Ukraine. Operating profit rose 265% from 2002 levels to $12.3 million with total profit for the year increasing 80% over the period in question to $10.7 million.
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