FX.co ★ Chevron leaves shale oil projects in Ukraine

Back in 2013 large American energy corporation Chevron signed a production sharing agreement with Ukraine on shale oil development in Olesska field, however, the corporation has announced to the Ukrainian government its unilateral withdrawal from this project.
Chevron stated several causes of the refusal of the production share. One of the key reasons was the complete inability of Ukraine's authorities – Ministry of Finance, in particular – to fulfill undertaken obligations of rendering statuary acts in accordance with Ukraine's legislation until the due date of November 18. “In fact, the Ministry of Finance gave a formal occasion to Chevron to avoid contractual commitments to invest in the economy of Ukraine at least $350 million over the next five years», some source close to the U.S. company said.