Yanukovych: Agreement with Shell allows Ukraine to increase gas production

On January 24, in the presence of Ukrainian President Viktor Yanukovych and Prime Minister of the Netherlands Mark Rutte, the Ukrainian government and Royal Dutch Shell signed a shale gas deal on the development of the Yuzivske field.

The production sharing agreement was signed by Ukrainian energy and coal industry minister Eduard Stavytsky and CEO of Royal Dutch Shell Peter Voser, the presidential press service reported.

The signing of a shale gas agreement between Shell, Nadra Yuzivska Ltd. and the Ukrainian government will enable Ukraine to increase domestic gas production, Ukrainian President Viktor Yanukovych told journalists in Davos, UKRINFORM news agency reported.

"It's advantageous, because these are investments. It's advantageous, because we will increase domestic gas production through these investments," Yanukovych said, adding that the agreement will help create new jobs and increase budget revenues.

The President also noted that this agreement was a landmark event. "Now we have a shared responsibility, as we began a new case, and we will continue our relationship," he said.

Dutch Prime Minister Mark Rutte, in turn, said that Royal Dutch Shell invests a lot of money in innovation and "is at the cutting edge of new technological developments." He also wished Ukraine and Shell fruitful сooperation.

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