The subsidiary of the US oil company Vanco, Vanco Prykerchenska Ltd. will appeal a decision by Ukraine's government to revoke its license at the Stockholm arbitration tribunal.

Yevgeniy Korniychuk first deputy justice minister of
Ukraine said that "I learned that Vanco Prykerchenska has applied to the Stockholm arbitration tribunal."

According to the report, Vanco International signed a 30 year production sharing agreement with former premier Mr Viktor Yanukovych's government in October 2007 covering the Prykerchenska area just south of the Crimean peninsula. Under the deal, the company received a 65% stake and
Ukraine 35% at the prospecting and development stage. The sides were to go 50 to 50 with the launch of commercial production.

Vanco International eventually transferred its rights to the
Black Sea shelf development to its subsidiary, Vanco Prykerchenska Ltd which started to prospect hydrocarbons at the Prykerchenska bloc from the fall of 2007. However, the Ukrainian government headed by Yulia Tymoshenko said this move violated the terms of an agreement with the US oil company and revoked the license.

Vanco earlier said that it wanted to resolve the conflict amicably, but did not rule out resorting to international arbitration.


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