Shell calls ‘Force-Majeure’ on Ukraine project
Sources familiar with the situation said Ukraine’s government received a “Notice of Withdrawal” from Shell on a project that they had hoped could raise up to $10bn of investment and further diversify gas imports away from Russia, Roman Olearchyk reports from Kiev.
Shell said it “has been prevented from performing its commitments under Yuzivska [a production sharing agreement] for an extensive period of time due to Force-Majeure, i.e. circumstances beyond Shell’s control.” Due to the said events, project implementation conditions have been materially changed. Therefore, we have begun discussions with the Ukrainian government and our partner Nadra Yuzivska LLC on the way forward with the PSA, pursuant to its terms.
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