Burisma

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Burisma Holdings Limited
Founded2002
FounderMykola Zlochevsky
DefunctFebruary 16, 2023 (2023-02-16)[1]
Headquarters
Limassol
,
Cyprus
Key people
Mykola Zlochevsky (President)
Taras Burdeinyi (CEO)[2]
Alan Apter (Chairman)[3][4]
ProductsNatural gas
ServicesDrilling
OwnerBrociti Investments Limited
SubsidiariesBurisma Services
Aldea
Esko-Pivnich
Persha Ukrainska Naftogazova Kompaniya
GasOilInvest
KUB-Gas
Naftogaz Garant
Naftogazopromyslova geologiya
Pari
Nadragas
Nadragasvydobuvannya
SystemOilEngineering
Tehnokomservis

Burisma Holdings Limited (

Ukrainian oligarch Mykola Zlochevsky through his company Brociti Investments Limited (Ukrainian
: Бросіті Інвестментс Лімітед).

Burisma's subsidiaries included Esko-Pivnich, Pari, Persha Ukrainska Naftogazova Kompaniya, Naftogaz Garant, KUB-Gas and Astroinvest-Ukraine.[8][9][10]

History

Burisma was founded in 2002.

Delaware Corporation, which in 2004 acquired Ukrainian companies Esko-Pivnich (Ukrainian: Еско-Північ) and Pari (Ukrainian: Парі), which owned natural gas exploration licences.[14] In 2009, shares in these companies were transferred to Millington Solutions Limited.[14] However, shortly thereafter Millington ceased to exist, at which point Burisma claimed ownership of those two companies. In 2012, Persha Ukrainska Naftogazova Kompaniya (First Ukrainian Oil and Gas Company, Ukrainian: Перша Українська нафтогазова компанія), Naftogaz Garant (Oil and Gas Guarantee, Ukrainian: Нафтогаз гарант), and KrymTopEnergoServis (CrimeaTopEnergoService, Ukrainian: Кримтопенергосервіс) became a part of the Burisma Group.[15][16][17]

In 2014, Burisma signed a cooperation agreement with

hydraulic fracturing (fracking) fleets.[19] In 2017, it bought a 3,000-horsepower Service King Manufacturing SK 3000 drilling rig for $40 million (USD); it was the most powerful drilling rig in Eastern Europe at the time.[20]

In February 2016, Burisma acquired a 70% stake in KUB-Gas (КУБ-Газ).[8] In 2017, it bought a majority stake in Diloretio Holdings Limited, a company which owned Ukrainian gas companies SystemOilEngineering (Ukrainian: Системойлинжиниринг), Naftogazopromyslova geologiya, (Oil and Gas Industrial Geology, Ukrainian: Нафтогазпромислова геологія), and Tehnokomservis (TechnoComService, Ukrainian: Технокомсервіс).[21] Also in 2017, Burisma bought Nadragasvydobuvannya (Subsoil Gas Extraction, Ukrainian: Надрагазвидобування)[22] and GasOilInvest (Гасоілінвест).[23] In April 2019, Burisma acquired Astroinvest Ukraine (Астроінвест-Україна), a natural gas trader.[9]

In 2015, Burisma was one of the founders of the International Forum on Energy Security for the Future and partnered the Electric Marathon.[24] In 2017, it signed a partnership agreement with the Atlantic Council to promote anti-corruption measures.[25][26]

In the

a pressure campaign by Trump and associates to push the Ukrainian government to announce an investigation of the younger Biden's role with Burisma, culminating in Trump's impeachment and acquittal.[28] Republicans hoped to use the Burisma allegations to tarnish Biden's 2020 Presidential campaign, but an investigation by the Republican-controlled Senate Homeland Security and Finance Committees shortly before the 2020 presidential election concluded that there was no evidence of improper influence or wrongdoing by Joe Biden.[29]

Operations

Burisma's primary operations were in Ukraine, supplemented by activities in Germany, Mexico, Italy, and Kazakhstan.

Kuban Basins.[8][11] Exploration and production activities were carried out at eight sites in five regions.[30] Burisma also provided natural gas well services, including hydraulic fracturing.[19] In 2019, Burisma planned to build a liquefied petroleum gas (LPG) plant in Kharkiv with a capacity of 50,000 tonnes per year.[10]

In 2016, Burisma was the second largest privately owned natural gas producer in Ukraine after DTEK,[7] accounting for 26% of all natural gas produced by privately owned companies and more than 5% of total gas production in Ukraine.[7][31] According to the company, it produced 1.3 billion cubic metres (4.6×1010 cubic feet) of natural gas in Ukraine in 2018.[11]

In Kazakhstan, the company provided

Urikhtau gas field.[32] In Italy, Burisma developed three geothermal power projects in partnership with Gesto Investimento e Gestão.[32]

Burisma's subsidiary Esko-Pivnich operates in the Kharkiv Oblast, and Pari operates in Western Ukraine (Lviv, Ivano-Frankivsk and Chernivtsi oblasts).[33] KUB-Gas operates in Luhansk Oblast,[8] GasOilInvest in Poltava Oblast,[23] and Nadragasvydobuvannya in Dnipropetrovsk Oblast.[34] Burisma also owned KrymTopEnergoServis, a company which leased three gas deposits in Crimea.[17][33][35] However, after annexation of Crimea by the Russian Federation, KrymTopEnergoServis ceased operation as Burisma subsidiary.[35]

Corporate matters

Ownership

Burisma Holdings was owned by Brociti Investments Limited, a

Ihor Kolomoisky.[37] Kolomoisky had a “controlling interest” in Burisma.[39][40]

Management

President of the Republic of Poland, was appointed to the board in January 2014.[41][42]

Taras Burdeinyi was the

counter-terrorism (2002–2004), was appointed to the board.[43] Karina Zlochevska, daughter of Mykola Zlochevskiy, was also appointed in February 2016.[3][4]

In April 2014, Devon Archer, a former senior adviser to the John Kerry 2004 presidential campaign, and Hunter Biden, an attorney and the son of then-US vice president Joe Biden, joined the board.[41][44] Archer left the company in 2018[citation needed] and Hunter Biden left in April 2019, when his term as a director expired.[11]

Financial results

Burisma Holdings does not disclose its financial results.[11][19] It has been calculated, based on a minimal natural gas price, that the company's revenue in 2018 may have totaled at least US$400 million.[11]

Investigations

In April 2014, the

Geoffrey Pyatt gave a speech in which he called out Ukrainian prosecutors for failing to cooperate with the investigation.[46]

Office of the Prosecutor General of Ukraine and

hryvnias (US$7.44 million) of taxes to avoid further criminal proceedings.[11][30] A criminal investigation was conducted if natural resources extraction licenses were issued to Burisma subsidiaries legally during the period Zlochevsky held government office. Although violations of the procedure were established by NABU, the Specialized Anti-Corruption Prosecutor's Office missed procedural deadlines for a lawsuit and the case for nullifying licenses was dismissed by the court.[48] In October 2019, Prosecutor General Ruslan Riaboshapka announced that all 15 investigation cases will be reviewed.[47]

In January 2024, John Buretta (an American lawyer and former U.S. Deputy Assistant Attorney General, who was one of the key attorneys on Zlochevskyi’s defense team) retroactively filed a Foreign Agents Registration Act document for work done on behalf of Burisma and Zlochevsky in 2016. According to Buretta's law firm, the decision to file the disclosure 8 years after the fact came "after a discussion with the DOJ."[49]

After the

Crocus City Hall Terror Attack in Moscow, Russia’s Investigative Committee, which is the primary federal investigating authority of Russia, opened a criminal case on the suspected involvement of Western officials in terrorism financing. On 9. April 2024, the Investigative Committee announced it found that funds received through commercial organizations, in particular Burisma, have been used to carry out terrorist acts.[50][51][52][53]

See also

References

  1. ^ "Hunter Biden advised Joe's office on answering Burisma queries: emails".
  2. ^ a b "Burisma Group Pays Almost UAH 3 Billion In Taxes In 2019" (Press release). Burisma Group. 22 January 2020. Archived from the original on 17 March 2020. Retrieved 17 March 2020.
  3. ^ a b c d "Board of Directors". Burisma Holdings. Archived from the original on 2 October 2019. Retrieved 14 October 2019.
  4. ^ a b c d Van der Made, Jan (25 September 2019). "White House memo confirms Trump asked Ukraine to investigate Biden". Radio France Internationale. Archived from the original on 17 October 2019. Retrieved 14 October 2019.
  5. ^ "Business Register, Cyprus Department of Registrar of Companies and Intellectual Property". Retrieved 2 September 2023.
  6. ^ Kim, Lucian (4 October 2019). "What To Know About The Ukrainian Company At The Heart Of Trump's Biden Allegations". NPR. Archived from the original on 6 October 2019. Retrieved 6 October 2019.
  7. ^ a b c "Ukraine Gas Upstream: Opportunities down the road" (PDF). National Investment Council. 2017. pp. 13–14. Archived (PDF) from the original on 16 November 2019. Retrieved 4 October 2019.
  8. ^ a b c d "Burisma acquiring 70% in KUB-Gas for $30 mln". Interfax-Ukraine. 1 February 2016. Archived from the original on 28 September 2019. Retrieved 28 September 2019.
  9. ^ a b "Микола Злочевський купує британську газову компанію" [Mykola Zlochevsky buys a British gas company]. Investory News (in Ukrainian). 19 April 2019. Archived from the original on 28 September 2019. Retrieved 28 September 2019.
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  11. ^ a b c d e f g Polityuk, Pavel; Golubkova, Katya (24 September 2019). "Factbox: Burisma, the obscure Ukrainian gas company at the heart of U.S. political row". Reuters. Archived from the original on 27 September 2019. Retrieved 27 September 2019.
  12. ^ Bullough, Oliver (12 April 2017). "The money machine: how a high-profile corruption investigation fell apart". The Guardian. Archived from the original on 4 October 2019. Retrieved 27 September 2019.
  13. ^ a b Bourdein, Taras (6 November 2014). "Мы зарабатываем $15-20 на тысяче кубометров газа—Burisma Holdings" [We make $15–20 per thousand cubic meters of gas—Burisma Holdings]. Delo (in Russian). Archived from the original on 31 December 2019. Retrieved 14 October 2019.
  14. ^ a b c "Commission File Number 1-11248. Sunrise Energy Resources, Inc". U.S. Securities and Exchange Commission. 31 December 2008. Archived from the original on 22 October 2019. Retrieved 3 October 2019.
  15. ^ "Burisma Holdings скупает нефтегазовые активы в Украине" [Burisma Holdings buys oil and gas assets in Ukraine]. Ukrrudprom (in Russian). 19 November 2012. Archived from the original on 6 October 2019. Retrieved 6 October 2019.
  16. ^ "Компания Burisma Holdings Limited подбила итоги работы" [Burisma Holdings Limited accounted results]. TSN (in Russian). 24 May 2013. Archived from the original on 6 October 2019. Retrieved 6 October 2019.
  17. ^ a b "Слияние Burisma Holdings Limited и ПУГК приносит свои плоды" [The merger of Burisma Holdings Limited and FUOGC is paying off]. TSN (in Russian). 27 May 2013. Archived from the original on 6 October 2019. Retrieved 6 October 2019.
  18. ^ "Ukraine's gas company Burisma enters Kazakhstan". The Times of Central Asia. 22 December 2014. Archived from the original on 27 September 2019. Retrieved 27 September 2019.
  19. ^ a b c d Corcoran, Jason (8 August 2017). "Burisma and the case for Ukrainian energy independence". Petroleum Economist. Archived from the original on 27 September 2019. Retrieved 27 September 2019.
  20. ^ "Burisma Group deploys most powerful drilling rig in Ukraine". World Oil. 22 September 2017. Archived from the original on 16 November 2019. Retrieved 4 October 2019.
  21. ^ "Burisma Злочевского покупает 3 нефтегазовые компании" [Zlochevsky's Burisma buys 3 oil and gas companies]. EnKorr (in Russian). 29 May 2017. Archived from the original on 16 November 2019. Retrieved 4 October 2019.
  22. ^ Panko, Rostislav (23 January 2019). "Николай Злочевский под колесами спецконфискации" [Mykola Zlochevsky under the wheels of special confiscation]. RBK-Ukraina (in Russian). Retrieved 15 October 2019.
  23. ^ a b Panko, Rostislav (19 February 2018). "Как Николай Злочевский выручил сына Януковича" [How Mykola Zlochevsky rescued son Yanukovych]. RBK-Ukraina (in Russian). Archived from the original on 15 October 2019. Retrieved 15 October 2019.
  24. ^ Nsehe, Mfonobong (22 August 2017). "Ukraine's Burisma Group Looks To Expand Into Africa And Other Emerging Markets". Forbes. Archived from the original on 4 June 2020. Retrieved 6 October 2019.
  25. ^ Roman Olearchyk; Max Seddon (29 September 2019). "Ukraine gas company feels heat of US impeachment probe". Financial Times. Archived from the original on 6 October 2019. Retrieved 6 October 2019.
  26. ^ "Burisma Злочевского подписала договор с Atlantic Council" [Zlochevsky's Burisma signed an agreement with the Atlantic Council]. TSN (in Russian). 19 January 2017. Archived from the original on 6 October 2019. Retrieved 6 October 2019.
  27. ^ Baker, Stephanie; Mider, Zachary R.; Krasnolutska, Daryna (20 October 2020). "On Bidens and Ukraine, Wild Claims With Little Basis". Washington Post. Archived from the original on 4 November 2020. Retrieved 30 October 2020.
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  29. ^ Fandos, Nicholas (23 September 2020). "Republican Inquiry Finds No Evidence of Wrongdoing by Biden". New York Times. Archived from the original on 24 September 2020. Retrieved 30 October 2020.
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  31. ^ Nazarenko, Taras (12 October 2017). "Burisma Offers Hope for Ukraine's Energy Independence". International Policy Digest. Archived from the original on 6 October 2019. Retrieved 6 October 2019.
  32. ^ a b "Burisma Chief Executive for Ukrainian Operations Burdeinyi: Our plan for this year to increase gas production to 2 bln cubic meters". Interfax-Ukraine. 26 May 2016. Archived from the original on 27 September 2019. Retrieved 27 September 2019.
  33. ^ a b "Сын вице-президента США вошел в совет директоров частного газодобытчика в Украине" [The son of the vice president of the United States joined the board of directors of a private gas producer in Ukraine]. CFTS (in Russian). 12 May 2014. Archived from the original on 6 October 2019. Retrieved 6 October 2019.
  34. ^ "Burisma установила контроль над еще одной украинской газодобывающей компанией" [Burisma takes control of another Ukrainian gas company]. Neftegaz.RU (in Russian). 2 November 2017. Archived from the original on 15 October 2019. Retrieved 15 October 2019.
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  37. ^ a b c "Kings of Ukrainian Gas". Anti Corruption Action Centre. 26 August 2012. Archived from the original on 11 August 2014. Retrieved 4 October 2019.
  38. ^ a b Shcherbina, Serhiy (28 February 2012). "Родовища Миколи Злочевського" [Gas fields of Mykola Zlochevsky]. Ekonomichna Pravda (in Ukrainian). Archived from the original on 5 January 2020. Retrieved 4 October 2019.
  39. ^ Businessmen accused of Ukraine money laundering gave millions to New York charities, New York Post 6 March 2021
  40. ^ Mollie Hemingway: Rigged: How the Media, Big Tech, and the Democrats Seized Our Elections. Simon & Schuster, 2021.
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  50. ^ Russia says Ukrainian energy firm Burisma financed 'terrorist' attacks, Reuters, 9. April 2024
  51. ^ Russia Opens 'Financing Terrorism' Probe Implicating Western Countries, Barron's, 9. April 2024
  52. ^ Russian investigators start inquiry into financing of terrorism by US, NATO officials, TASS, 9. April 2024
  53. ^ Russia Accuses Ukrainian Gas Company Linked To Biden’s Son Of Financing Terror, Radio Free Europe/Radio Liberty, 10. April 2024
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