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Ukraine is waiting for $ 800 million investment from Shell

An official ceremony of agreement signing has taken place in Kiev recently. The agreement touches joint exploration and production of hydrocarbons in the Dnieper-Donets Basin between the Ukrgazvidobuvannya, the Naftogaz of Ukraine and the Shell.

As reported by the LigaBusinessInform the agreement has been signed by Yuri Borisov the Ukrgazvidobuvannya director and Patrick Van Dale the head of Shell in Ukraine with Christian Bukovich the and vice president of exploration offices in Ukraine, Russia and the Caspian region of Shell.

"We are very pleased with the event

because we've got the signed agreement with a subsidiary of Naftogaz of Ukraine and the multinational corporation Shell for future joint activities in gas production in six of our licensed areas.

Investment volumes may be up to $ 800 million in the first significant contract which makes it possible in the near future to increase gas production in Ukraine which is a very important task set by the President for the government" - comments Yuriy Boyko Energy Minister.

Peter Voser the Chief Executive Officer of the Royal Dutch Shell has noted in his turn about the importance of signing the contract for the development of relations between Ukraine and the Shell and the production of natural gas (which is quite complicated technically).

Under the contract all works will be conducted at the six licensed sites: Shebelinka, West Shebelinka, Pavlovsk, Svetlivskom, Melehovskom, Gersevanovskom and New Mechebilovskom.

30 September 2011
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