KIEV, Jan. 26 – Kashtan Petroleum JV, a joint venture of Sweden's Petrosibir, and UkrNafta have commenced the drilling of their third development well as partners in the Lelyaki oil field next to Poltava.

The well is in close proximity to pipeline infrastructure to allow rapid tie in.

KIEV, Jan. 26 – Ukrainian mutual fund shares fell an average 30.96% in 2008, according to a survey by the Ukrainian Association of Investment Business.

The association says that SEB Fund Financial Market showed the smallest losses (a 6.41% fall).

Parex Ukrainian Balanced Fund was among leaders in fall of the Net Asset Value (NAV) (minus UAH 204.49 million, or an 82.8% fall), and the fund's investment certificates' placement among investors fell by 70.68%.

KIEV, Jan. 23 -- Moody's Investors Service has downgraded to B2 from B1 the long-term local currency deposit and foreign currency debt ratings of Bank Nadra.

KIEV, Jan. 23 – Kerch’s Zaliv Shipyard has signed two new contracts on building of hulls for offshore vessels to service drilling platforms with Norway's Ulstein.

KHARKIV, Jan. 26 – Kharkiv-based Turboatom and Japan's Mitsubishi Heavy Industries Ltd. have signed an agreement on cooperation.

Turboatom Director General Viktor Subotin told the press that the agreement was signed on Jan. 22 after one year of talks and exchanges of delegations.

KIEV, Jan. 26 - The Irish Communicorp Group media corporation has completed a long-term strategic goal with the acquisition of two Ukrainian radio stations, Radio Apelsin and Nashe Radio, the Finfacts information portal reported on Wednesday.

KIEV, Jan. 26 ??“ Ukrainian Mediterranean Airlines, or UM Air, is facing a 60 mln euros lawsuit from relatives of 62 Spanish soldiers that had died in a plane crash in 2003, Interfax-Ukraine reported Thursday.

KIEV, Jan. 26 - Ukraine in 2005 increased ethyl alcohol output by 27.4% compared to 2004, to 29.039 mln decaliters, according to the State Statistics Committee.

KIEV, Jan. 26 ??“ Industrial Union of Donbas (IUD), one of Ukraine??™s biggest steelmakers, will invest $3.6 bln in developing its steel and coking facilities by 2010, the company said.

KIEV, Jan. 25 - The Ministry of Economics and European Integration has proposed changes to Ukraine??™s privatization strategy that would include selling 10-15% of state shareholdings in large attractive enterprises in small blocs, retaining state control over these companies.