DLA Piper has advised Dragon Capital on the establishment of innovative new natural gas exchange Ukrainian Gas Exchange ("UGX"). On 31 October 2014 the first trading session of UGX took place, Dragon Capital, an investment company, initiated the set-up of UGX in July of this year. DLA Piper provided full legal advice and support to Dragon Capital during the establishment of UGX.

DLA Piper's team working on the set-up project of UGX was led by Oleksandr Kurdydyk, partner and Head of Finance & Projects in Ukraine. Dmytro Pshenychnyuk, senior associate, and Oleksandra Protsenko, associate, also worked on the project, while Ilya Sverdlov, legal director, advised on tax aspects of the project.

Oleksandr said: "The conclusion and successful completion of the exchange transaction is obviously a significant achievement for the whole gas sector of Ukraine. The existence of the Ukrainian Gas Exchange means the creation of a spot wholesale gas trading market to be operated in accordance with the best European practices.

"The implementation of exchange trading should significantly benefit the national gas market making it more transparent, competitive and diversified. This should also help Ukraine in implementing the EU Third Energy Package into Ukrainian legislation."