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Gazprom, Ukraine’s Naftogaz start work to set up Black Sea shelf JV

21 June 2011 21:26 (UTC +04:00)

Baku-APA. The Russian gas giant Gazprom and Ukrainian national oil and gas company Naftogaz have started setting up a joint venture to develop the Black Sea shelf, Naftogaz Board Chairman Yevhen Bakulin said on Tuesday, APA reports quoting RIA Novosti.

"Yes, (we have started)," Bakulin told reporters, adding that the companies were still estimating the likely amount of investment in the project and its costs.

He also said that there were some legal contradictions in the joint venture’s establishment but they would not be an obstacle.

Gazprom CEO Alexei Miller and Ukraine’s Energy Minister Yuriy Boiko signed an agreement in December 2010, to establish two joint ventures to produce coal from Ukrainian deposits and develop the Black Sea shelf.