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Canadian company to develop three oil and gas sites in Ukraine, - Zelensky

The total sum of the investments will exceed $430 million
17:46, 3 July 2019

President of Ukraine Volodymyr Zelensky
Reuters

Canadian company Vermilion Energy would deal with the development of three oil and gas sites in Ukraine, as President of Ukraine Volodymyr Zelensky said at the meeting with Canada’s Prime Minister Justin Trudeau, the press office of the President reported.

The Canadian company will work on the development along with the Ukrainian one.

"I sincerely welcome the investments of Canadian companies, such as Brookfield, TIU, Black Iron, Vermilion in our country. Yesterday, the Ukrainian company together with Canadian Vermilion Energy won the right to oil and gas fields," Zelensky informed.

Related: Canada not to recognize Russian passports issued to Donbas residents

Earlier, it was reported that American, Canadian, and Ukrainian companies will invest $430 million in oil and gas fields exploration. Nine fields were distributed between seven companies within the competition.

Since the contract with the Government is signed, the companies are obliged to carry out seismic works and drill 39 boreholes restoring the objects preserved earlier in five years. Besides, the companies must pay resource rent and pass a part of extracted fossils to the state.

Related: Canada pledges to extend sanctions against Russia, - Trudeau

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