The Cabinet of Ministers has postponed the approval of a settlement agreement with Vanco Prykerchenska Ltd (BVI) scheduled for Wednesday. Deputy Minister of Energy and Coal Industry Volodymyr Makukha disclosed this to the press after a government meeting.

"The matter was withdrawn from the agenda," he said, noting that the date for consideration has not yet been approved, UKRINFORM reports.

Earlier, First Deputy Prime Minister, Minister of Economic Development and Trade, Andriy Kliuyev predicted signature of a settlement agreement with Vanco Prykerchenska in February. He noted that in conclusion of the settlement agreement, no penalties will be imposed on the state.

As reported, Vanco Prykerchenska estimates its losses from Ukraine's unilateral denunciation of the production sharing agreement (PSA) on the Kerch section of the Black Sea shelf at more than $100 million.

The Cabinet of Ministers and Vanco Prykerchenska agreed to extend the suspension of the procedures at the Arbitration Institute of the Stockholm Chamber of Commerce (Sweden) until April 2011 with the aim of signing a settlement agreement.

The PSA between the Ukrainian Cabinet and Vanco International was signed on October 19, 2007.

Vanco International transferred all the rights and obligations under the PSA to Vanco Prykerchenska. This was the main reason for the Cabinet's withdrawal from the agreement and the start of an international trial, in which Vanco Prykerchenska acted as the plaintiff.

Vanco International is a 100% subsidiary of Vanco Energy Company (USA).

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