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Sayenko Kharenko acted as Ukrainian legal counsel to
Joint Stock Company “The State Export-Import Bank of Ukraine” (Ukreximbank) in
connection with the inaugural deal within the USD 1 billion framework
agreement between Public Joint Stock Company Ukrainian Railways
(Ukrzaliznytsya) and General Electric Transportation relating to the purchase,
modernization and leasing of GE locomotives. Read more…
According to General Electric, the framework agreement
has become the largest ever for the company in Ukraine. The first transaction
within the framework, involving Ukreximbank, includes the supply of 30 GE
Evolution Series freight locomotives. The launch of the locomotive production
in the US is scheduled for early 2018, with the first deliveries to start this autumn.
Work on the locomotives will be partially done in Ukraine, which will ensure
further promotion of job creation and economic growth in the country.
“This is a landmark deal for the Ukrainian
banking and financial sector, and Ukreximbank is honoured to be involved in its
implementation. The bank’s primary mission is to support Ukrainian export and
supply of modern locomotives should significantly improve logistical means of
delivery of export products to the main ports of the country,” said
Ukreximbank’s Chairman of the Board Oleksandr Hrytsenko.
According to Yevgen Kravtsov, acting Chairman of the
Board of Ukrzaliznytsya, this deal represents a major boost to Ukrzaliznytsya
and local industry. “Ukrzaliznytsya has not purchased locomotives in the last
ten years. The locomotives supply to be made by General Electric in
co-operation with Ukrainian companies will be the largest in the history of
independent Ukraine. It will enable us to substantially modernize the operating
locomotive fleet of Ukrzaliznytsya,” said Mr. Kravtsov.
“This deal demonstrates our expanding global customer
base and is a promising step forward in our relationship with Ukrainian
Railways, which can serve as a catalyst in attracting international financing
and accelerating economic growth in Ukraine,” said Rafael Santana, President
& CEO of GE Transportation. “We appreciate the continued trust and support
of our partners in Ukraine, including the Ministry of Infrastructure,
UkraineInvest, the Office of the National Investment Council, and Ukreximbank.
With this agreement, GE will play a larger role in helping the region improve
its rail infrastructure and bring products to market faster and more
efficiently.”
Sayenko Kharenko counsel Anton Korobeynikov commented:
"We believe this is a groundbreaking deal in all aspects – it involves
major Ukrainian and international participants, comprises a complex combination
of commercial and financial instruments, and creates a foundation for
modernisation of the Ukrainian railway infrastructure. It has been a tremendous
amount of work and effort by all the parties and it is a great pleasure for
Sayenko Kharenko to be a part of this team."
For
more information, please refer to the official General Electric Transportation press release.
Sayenko Kharenko’s team advising on the project
included associate Denys Nakonechnyi and junior associate Vira Pankiv and was
led by counsel Anton Korobeynikov.