"Ukrainian officials say Kyiv is now ready to sign the agreement on jointly developing its mineral resources, including oil and gas, after the US dropped demands for a right to $500bn in potential revenue from exploiting the resources."
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"The final version of the agreement, dated February 24 and seen by the FT, would establish a fund into which Ukraine would contribute 50 per cent of proceeds from the “future monetisation” of state-owned mineral resources, including oil and gas, and associated logistics. The fund would invest in projects in Ukraine.
It excludes mineral resources that already contribute to Ukrainian government coffers, meaning it would not cover the existing activities of Naftogaz or Ukrnafta, Ukraine’s largest gas and oil producers.
However, the agreement omits any reference to US security guarantees which Kyiv had originally insisted on in return for agreeing to the deal. It also leaves crucial questions such as the size of the US stake in the fund and the terms of “joint ownership” deals to be hashed out in follow-up agreements."
"Ukrainian officials say Kyiv is now ready to sign the agreement on jointly developing its mineral resources, including oil and gas, after the US dropped demands for a right to $500bn in potential revenue from exploiting the resources."
--
"The final version of the agreement, dated February 24 and seen by the FT, would establish a fund into which Ukraine would contribute 50 per cent of proceeds from the “future monetisation” of state-owned mineral resources, including oil and gas, and associated logistics. The fund would invest in projects in Ukraine.
It excludes mineral resources that already contribute to Ukrainian government coffers, meaning it would not cover the existing activities of Naftogaz or Ukrnafta, Ukraine’s largest gas and oil producers.
However, the agreement omits any reference to US security guarantees which Kyiv had originally insisted on in return for agreeing to the deal. It also leaves crucial questions such as the size of the US stake in the fund and the terms of “joint ownership” deals to be hashed out in follow-up agreements."