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Big Oil dollars flow into Ukraine, despite conflict

Screen Shot 2014-02-10 at 16.29.29Extracts from a CNBC article by  published 1 May 2014

Yuriy Boyko, an ethnic Ukrainian and former energy minister under ousted President Viktor Yanukovich, told CNBC that he has met with senior executives of Royal Dutch Shell about investments or potential investments in the country. Royal Dutch Shell is currently the biggest player in the Ukrainian market. The company declined to comment on specific dollar figures, but said that it has ongoing operations in the region.  Shell spokesman Curtis Smith told CNBC that it employs about 2,500 people in Ukraine, many as contract workers. The company is involved in two exploration projects, both in eastern Ukraine, including in the Donetsk and Kharkov regions, the most troubled in the country. To date, the company said operations have not been affected despite rising tension in those areas. “We continue to prepare for exploration activities on Yuzivska area,” Smith told CNBC. “We monitor trade controls and sanctions closely and will respond appropriately to ensure that we comply with all applicable international sanctions and related measures.”   

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