Prime Minister Yulia Tymoshenko has said that Vanco Prykerchenska Ltd (Virgin Islands) may sell the right to develop oil and gas deposits at the Black Sea shelf's Prykerchenskyi strip to Russia's Gazprom gas monopoly.

Tymoshenko was speaking at a press conference.

"Negotiations are presently being held on re-sale [of the strip], including with the participation of Gazprom," Tymoshenko said.

According to her, nowhere in the world is a single company granted the right to develop an area of that size.

As Ukrainian News earlier reported, Vanco Prykerchenska Ltd has launched arbitration proceedings against the Cabinet of Ministers.

Earlier, Vanco Energy Company (United States) initiated international arbitration proceedings against Ukraine.

The Environmental Protection Ministry canceled Vanco Prykerchenska Ltd's license to develop oil and gas deposits at the Black Sea shelf's Prykerchenskyi strip on April 25.

Vanco Prykerchenska is 100% owned by Vanco Energy Company (United States), and all the rights and obligations of Vanco International (the 100% subsidiary of Vanco Energy Company that won a tender to develop oil and gas deposits at the Black Sea shelf's Prykerchenskyi strip in 2006) have been transferred to it.

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