Photo from UNIAN
The Ukrainian-based representative office of Chevron Corporation – Chevron Ukraine B.V. – has announced termination of activity in Ukraine, according to the company's announcement in Uriadovy Kurier, the national daily newspaper published by the Ukrainian Cabinet of Ministers.
The decision to withdraw from the Ukrainian market was taken by the Board of Directors of Chevron Ukraine B.V. on July 2, 2015. Other details have not been disclosed.
As UNIAN reported earlier, in November 2013, Ukraine signed a production sharing agreement with U.S. oil company Chevron, which pledged to invest up to $10 billion in production of shale gas in western parts of Ukraine. It has been engaged in the development of the Oleska shale gas deposit. The agreement was signed with LLC Nadra Oleska company whose 90% stake belongs to state-owned joint stock company Nadra Ukrayny.
In late 2014, former deputy head of the presidential administration Valeriy Chaly said that Chevron was planning to unilaterally quit the project, but Chevron responded, saying that such statements were premature.