Ukraine looking to tap into its shale gas potential


Agreed on the side-lines of the World Economic Forum in the Swiss resort of Davos, the 50 year production sharing deal between Kiev and Shell is thought to be the biggest contract in Europe to extract natural gas trapped in shale rock.

The deal between Ukraine's state company Nadra Yuzivska and Shell was signed by the energy giant's CEO Peter Voser and Ukrainian Energy Minister Eduard Stavytsky on Thursday. "We have witnessed a great event today. I believe we have become almost relatives," said Ukrainian President Viktor Yanukovych, who was present at the ceremony.