Frontera Resources Corporation (United States) will build an LNG terminal in Ukraine, Prime Minister of Ukraine Arsenii Yatseniuk has announced, the Interfax Ukraine news agency reports.
"The Naftogaz of Ukraine state energy company has signed a memorandum with Frontera. The American company will begin construction of LNG terminal and begin supply of natural gas to Ukraine," Yatseniuk told the parliament on Friday, 17 July, in an address on the outcome of his visit to Washington last week to attend an investment conference.
Previously, Naftogaz of Ukraine announced that it signed a memorandum with Frontera during the first United States-Ukrainian business forum, which was held in Washington on the last 13 July. Under the memorandum, the two companies agreed to cooperate on investment in exploration and development of oil and gas fields in Ukraine, as well as on implementation of a project involving importation of LNG from the American company’s facilities in Georgia.
The two-year memorandum entered into force on the date of its signing.
As reported previously, Frontera Resources Corporation signed a memorandum of understanding with the State of Geology and Mineral Resources Service in March 2012. Frontera was expected to engage in exploration for and production of hydrocarbons in Ukraine.
Frontera Resources is an international oil and gas exploration and production company that was founded in 1996. The company’s strategy is to identify opportunities and operate in emerging markets in Eastern Europe around the Black Sea. The company has proven reserves of about 300 billion cubic meters of natural gas in Georgia.
