Gas, oil exploration may boost Ukraine-UK ties

Economic and finance heavyweight the United Kingdom is one of Ukraine’s biggest foreign investors. Yet the British-Ukrainian economic relationship is not all it could be, held back by a poor business climate in Ukraine and sluggish growth in Britain.

Cumulative foreign direct investment from the UK to Ukraine has almost reached $2.5 billion as of the end of the first half of 2012, according to the State Statistics Service website. This makes Britain the sixth biggest investor in Ukraine.

Bright spots in bilateral relations notably involve Ukraine’s oil and gas sector, which has long been of interest among companies with British ties. Shell, British Petroleum, CBM Oil and JKX, with their Poltava Petroleum company, are among the nation’s biggest players in oil and gas exploration and production, as well as distribution.

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(Photo: Britsh Imperial Tobacco acquired a cigarette factory in Kyiv in 2002 that now employs 1100 people)