Italy Investі $ 4 Billion For the Black Sea Petroleum Extraction

Ukraine has signed an agreement with Italy on the establishment of a Black Sea petroleum extraction technologies. Italy allocates $ 4 billion dollars on equipment design.

The document was signed by Edward Stawicki, Minister of Energy of Ukraine, and Giuseppe Tannoya, representative of the Italian company "Eni Yukreyn SHELL". The Ukraine’s President Yanukovych personally met the Italian delegation in Kiev.

Yanukovych said that "Ukraine has huge prospects for petroleum and gas production. Thus cooperation with foreign companies will only help achieve energy independence. As it was projected by experts, petproduction will exceed 2 million tons. This will serve an additional source of income for Ukraine.

It was not the first time Ukraine had to deal with Italy on petroleum and gas issues. In mid-2013, a contract between the companies of “Italia Ukraina Gas Spa” and “GazenergoUkraina” on Ukrainian gas imports was signed. 750 thousand cubic meters of gas was delivered to the Italian company for the further export.

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