Global Energy giant Chevron terminated its contract with Ukraine to extract shale gas in western Ukraine after trying for more than a year to get the government to simplify taxation for this type of business.
The termination is a setback to Ukraine’s twin efforts to achieve energy independence from Russia and create a more inviting business climate for Western firms.
“We have just terminated that PSA (product sharing agreement),” says Peter Clark, Chevron’s country manager. “When it was signed, things had to be done, but not all of them got done.”
For the full story, please visit The Kyiv Post.
(Marcellus Shale rig and gas well operation in Scott township, Lawrence county in Pennsylvania, US. Photo: wcn247/flickr.com)