Ukraine, Vanco Reach Black Sea Oil Settlement, Interfax Reports
Ukraine and Vanco Prykerchenska Ltd. have reached a settlement on Black Sea oil exploration, Interfax-Ukraine news agency reported, citing Justice Minister Oleksandr Lavrynovych.
The document is to be approved in a Stockholm court, Interfax cited Lavrynovych as saying.
Ukraine’s government, led by then-Prime Minister Yulia Tymoshenko, revoked Vanco’s permit to explore for hydrocarbons in the Black Sea in April 2008. The government said the license was issued illegally and that the company wouldn’t have enough money to finance the project. Vanco appealed the decision in Stockholm’s court.
To contact the reporters on this story: Kateryna Choursina in Kiev at kchoursina@bloomberg.net;
To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net
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