The Vanco Prykerchenska company (Virgin Islands) filed a letter July, 17 to the Cabinet of Ministers to make public a full text of the agreement signed between the Ukrainian government and the Vanco International Ltd (Bermudas) on sharing products from the Prykerchenskyi block of the Black Sea shelf.
The Vanco Prykerchenska press-service announced this for Ukrainian News.
"This publication will demonstrate Ukrainian citizens and international community transparency of the Ukrainian government, benefits of the product-sharing agreement, and actual movement towards energy security"; the press-service cites Jim Bown, Vanco Prykerchenska president, as saying.
Under the product-sharing agreement, the two sides are now allowed to discuss the document or its parts in public.
However, the provisions of the agreement are often interpreted and cited in the mass media differently, the company says.
In case the Cabinet of Ministers satisfies Vanco's request, the company is ready to issue the agreement on its official website.
As Ukrainian News reported, the Cabinet of Ministers and Vanco International signed the product sharing agreement on October 19, 2007 Vanco International delegated all rights and commitments on the product-sharing agreement to Vanco Prykerchenska.
The Environmental Protection Ministry canceled April 25 Vanco Prykerchenska's license to develop oil and gas deposits at the Black Sea shelf's Prykerchenskyi block.
Then the Vanco Prykerchenska company (Virgin Islands) applied to the arbitral tribunal of the Arbitration Institute of the Chamber of Commerce of Stockholm (Sweden) with a request to check the legitimacy of its being denied the development of the Prykerchenska block of the Black Sea shelf.
On June, 18 President Viktor Yuschenko suspended Cabinet of Ministers' Resolution No. 740 of May 21 on the government's withdrawal from the product sharing agreement with Vanco International (Bermudas).
The Cabinet of Ministers canceled on May 21 its resolution No. 828 of October 3, 2007 that approved conclusion of the agreement with Vanco International on sharing product from the Prykerchenskyi block of the Black Sea shelf.
The Cabinet of Ministers declared Vanco International, a subsidiary of Vanco Energy Company (United States), as the winner of the competition for the right to develop oil and gas deposits on the shelf in April 2006.
Vanco International owns 25% in Vanco Prykerchenska shares.
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