(MENAFN) A senior Ukrainian presidential official said that US energy giant Chevron plans to back from a USD10 billion shale gas deal with Kiev, The Peninsula Qatar reported.
Ukraine signed a shale gas production-sharing agreement with Chevron amid great fanfare in November 2013, just months before protests which plunged the country to a major crisis with Russia.
The agreement had been designed to unfold slowly over 50 years, with an initial investment by Chevron in the first two or three years of USD350 million for exploration work.
"We have just delivered to the Ukrainian government our response. Therefore it is premature for us to comment," a London-based spokesperson for Chevron said in a statement.
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