: :inin Kyiv (EET)

Chevron wants to quit shale gas project – Chaly

Deputy Head of Ukraine’s Presidential Administration Valeriy Chaly has confirmed that he received “signals” from U.S. company Chevron regarding its desire to withdraw from the project to extract shale gas at the Oleske area.
He said this at a briefing on Monday, an Ukrinform correspondent reported.
“I personally did not receive such a letter from them, but there is information that they want to take such a decision. If you want to hear my own position, I believe that in the current conditions projects of this kind need to be preserved as much as possible if this can be done,” he said.
He said that despite the situation in Donbas Ukraine would try to keep all investment and infrastructure projects as much as possible.
Earlier media reports said, citing a source in the government, that Chevron had officially informed the Cabinet of Ministers about its unilateral withdrawal from the project on the development of the Oleske area (Lviv and Ivano-Frankivsk regions).
A letter allegedly stated specific reasons for the rejection of the signed production sharing agreement, which makes it clear that the Finance Ministry had not fulfilled on the established date (November 18) the commitments it assumed to bring its regulatory acts into line with current legislation of Ukraine.
As reported, a production sharing agreement on the development of hydrocarbons at the Oleske area was signed in November 2013. According to Ukrainian officials, Chevron had to invest about $10 billion in hydrocarbon production in the western regions of the country, but the agreement did not allow the company to switch to the immediate development of the Oleske area.

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