Shell walks away from Ukraine shale gas project

‘Royal Dutch Shell has withdrawn from a shale gas exploration project in Ukraine, said Ukraine’s Energy and Coal Minister Vladimir Demchishin.

“Shell withdrew after announcing it was no longer interested in the project six months ago. There was a long procedure of backing out of the agreement due to force majeure circumstances,” the minister was cited as saying by Ukraine’s daily Business.

Ukraine is seeking new investors in the project, which could be profitable in the long-term, according to Demchishin, adding that: “The company Nadra Yuzivska will be liquidated if we don’t find new investors by the end of the year.”’

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