The Russian gas giant Gazprom and Ukrainian national oil and gas company Naftogaz have started setting up a joint venture to develop the Black Sea shelf, Naftogaz Board Chairman Yevhen Bakulin said on Tuesday.
“Yes, (we have started),” Bakulin told reporters, adding that the companies were still estimating the likely amount of investment in the project and its costs.
He also said that there were some legal contradictions in the joint venture’s establishment but they would not be an obstacle.