Ukraine bans Vanco from exploring shelf oil and gas
The Ukrainian government has pulled US company Vanco International’s license to develop and produce hydrocarbons on the country’s Black Sea shelf, the government press service said on Monday.
“The special license to extract shelf resources, issued to Vanco International Ltd., has been withdrawn,” the press service said, citing Prime Minister Yulia Tymoshenko. Earlier on Monday, the prime minister said the deal with the US company was unacceptable, and described it as a plundering of the country’s mineral resources.
Vanco International signed a 30-year production sharing agreement with former premier Viktor Yanukovych’s government in October 2007, covering the Prykerchenska area just south of the Crimean Peninsula. The company was to have a share of 65% and Ukraine 35% at the prospecting and development stage. The sides were to go 50-50 with the launch of commercial production.
Vanco Energy Company is an integrated independent oil and gas company which operates its exploration and production activities through its wholly owned overseas subsidiary, Vanco International Ltd., and through the wholly owned subsidiaries of Vanco International Ltd. The company holds and operates six large licenses in five countries, including Cote d’Ivoire, Ghana, Equatorial Guinea, and Gabon. (rian.ru)
ADVERTISEMENT
Households Make Net Withdrawals in April
Parl't Approves Amendments to Legislation on Judiciary
Wizz Air Participates in USD 50 mln Investment
Tourism Nights Slightly up in April 2023
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
