Ukraine proposes first projects under minerals deal with US
Naftogaz, a largest national oil and gas company of Ukraine, has proposed a number of projects that could become the first initiatives under the mineral resources agreement with the United States.
Source: Bloomberg, as reported by European Pravda
Details: Naftogaz has submitted ten projects focused on extraction and energy efficiency.
Prime Minister Yuliia Svyrydenko stated that three of the proposed projects are expected to be launched by the end of 2026 with financing from joint US-Ukraine investment funds. She made the announcement following a meeting with representatives of a US organisation that oversees the investment mechanism.
Serhii Koretskyi, CEO of Naftogaz, said that the company aims to be among the first to implement projects within this framework.
Although Koretskyi did not provide detailed information about the proposals due to security concerns, he encouraged Western partners to consider existing licences.
He noted that Royal Dutch Shell and Chevron had launched shale gas exploration projects in Ukraine more than a decade ago but withdrew in 2014 following Russia’s annexation of Crimea and the outbreak of war in the east.
Koretskyi pointed to the Oleska field in western Ukraine, where Chevron had planned operations, as an available opportunity.
"If Chevron, which has significant expertise in this area and on this project, or any other companies with experience in shale gas development, pay attention to this project in western Ukraine, we would be very pleased," Koretskyi said.
Background:
- On 30 April 2025, Ukraine and the US signed an agreement on critical minerals, which included plans to create a joint investment fund to manage Ukrainian resources.
- Representatives from the United States have already visited sites in Ukraine that may serve as initial projects for the Ukraine Recovery Investment Fund.
- On 18 April, Svyrydenko released the text of a joint memorandum with the United States on finalising the formal agreement on economic partnership and the reconstruction investment fund.
Support Ukrainska Pravda on Patreon!