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Regal Petroleum said it had agreed with related party Smart Energy to increased the discount at which it sells natural gas to the company from Ukriane.
Regal said the rise was related to changes in the regulatory regime in Ukraine, which had increased compliance costs for Smart Energy.
The discount on the price at which Regal sold its gas to Smart Energy had been upped to 2.0%, from 0.5%.
Smart Energy was part of PJSC Smart-Holding, which was ultimately controlled by Vadym Novynskyi, who also controlled an indirect 82.7% majority shareholding in Regal.
'The company has achieved and believes will continue to achieve, on average, a materially higher net price for its gas than could otherwise be achieved through the direct sale of the company's gas or by selling via an alternative gas trader,' Regal said.