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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