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Financial Times: Ukraine finally opens its door for energy majors

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Aug. 15, 2012, 5:43 p.m. | Ukraine abroad — by Kyiv Post

According to the Financial Times, Ukrainian officials on Aug. 15 announced that they had “granted a consortium led by ExxonMobil of the US and Royal Dutch Shell, the Anglo-Dutch group, rights to ink a production sharing agreement for hydrocarbon exploration in a vast territory off its Black Sea coast.”
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“Finally, some good news for foreign investors in Ukraine,” Roman Olearchyk writes in the Financial Times.

 

The report continues: “It’s not enough to blot out the bad headlines generated by president Viktor Yanukovich’s standoff with the EU and US over the jailing of opposition leader Yulia Tymoshenko or by western concerns about a broader rollback on democracy. But Ukraine’s long-delayed decision to open its doors to international energy groups shows that the country isn’t entirely turning its back on the west.”

Click here to read the report.

 

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