Vanco plans to sell its right on Black Sea shelf exploration to, probably, Gazprom

15:16, 12 May 2008
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PM Tymoshenko claimed to journalists today

The American Vanco Energy Company plans to sell its right on the Black Sea shelf exploration to, probably, Gazprom.

According to an UNIAN correspondent, Prime Minister of Ukraine Yulia Tymoshenko claimed this to a news conference in Kyiv today.

“At present talks are being held, including, with Gazprom, about re-sale of the shelf”, Yulia Tymoshenko stressed.

As UNIAN reported earlier, on May 8, the Ukrainian government has canceled US-based Vanco Energy`s production sharing agreement (PSA) for the Prykerchensky Block in the Black Sea, according to a ministry order.

In April, Gene Van Dyke, Chairman and CEO of the American Vanco Energy Company, denied that Vanco Prykerchenska Ltd. was going to transfer its right on the Black Sea shelf exploration to Gazprom or any other company. He noted that he did not turn to Gazprom, as well as Gazprom did not turn to him.

The Vanco chief also refuted the information, voiced by Prime Minister Yulia Tymoshenko, that as if Vanco was registered at 4 students. Gene Van Dyke noted that the government was provided with statutory documents of Vanсo Energy Company, Vanсo International Ltd, Vanco Prykerchenska Ltd.. In line with the documents, Vanco Prykerchenska Ltd. belongs by 100% to Vanсo Energy Company, which, in its turn, belongs to him.

He also noted that his company has been fulfilling its obligations timely and in full.

"Ukraine has never been that close to energy independence. But, for the project to become successful, not only the work of company professionals is necessary, but also “enthusiasm of the government”, Gene Van Dyke said.

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