KIEV, June 14 – Cyprus-based Kulczyk Oil Ventures Limited (KOVL), which is controlled by Polish businessman Jan Kulczyk, has indirectly acquired a 70% stake in Luhansk-based KUB-Gas LLC gas production company from U.S.-based Gastek LLC for $45 million.

KIEV, June 14 - Krasnodonvuhillia (Luhansk region) announced that it has signed a contract with the Global Carbon BV international company to develop and help implement a project to reduce greenhouse gas emissions.

KIEV, June 16 - Cyprus-based Mantara Holding, which is under control of shareholders in PrivatBank Ihor Kolomoisky and Hennadiy Boholiubov, said it would appeal against the result of a tender to privatize a 76.001% stake in OJSC Luhanskteplovoz Holding, as the company was not allowed bidding in the tender.

KIEV, June 16 – Ukrainian banks have started cutting interest rates on deposits, representatives of credit and financial institutions told Interfax-Ukraine.

"Taking into account the stabilization of the financial market, interest rates on deposits have become too high. A trend for a gradual cut of deposit rates, the level of which is being brought in line with the value of resources, is being seen.

KIEV, June 15 – The current electricity rates on the domestic market won't yield serious profits from its export, according to Director General of Donetsk-based Donbas Fuel-Energy Company (DTEK) Maksym Tymchenko.

KIEV, June 15 – Leadership of Naftogaz Ukrayiny, technical experts from the European Commission and representatives of international financial organizations have discussed top-priority projects of a Master plan on the upgrade of the Ukrainian gas transportation system and mechanisms for their financing.

KIEV, June 16 – The level of corruption has risen in Ukraine, sociologists report.

This was shown by results of a comparative analysis of the 2007-2009 national studies on the state of corruption in Ukraine, which was jointly prepared by the Management System International and Kiev International Institute of Sociology and presented on a press conference in Kiev on Monday.

KIEV, June 16 – Industrial output in Ukraine in May declined by 31.8% year-over-year, which corresponds to the decline registered in April, the State Statistics Committee said.

January through May the country’s industrial output decline remained at 31.9% year-over-year, as was the case in the first three and four months of the year.

KIEV, June 12 – Estonia's Viru Keemia Grupp AS (VKG) plans to realize a project worth over $1 billion to develop the Boltyshsky slate coalfield in Kamensky District in Cherkasy region, along with electricity generation projects, the head of the VKG projects, Yuriy Hudin, said at a press conference in Kiev.

KIEV, June 12 – Experts believe average yearly inflation in Ukraine may top 20% in 2008.

"According to pessimistic calculations, the [average yearly] inflation will top 20% in 2008 and will be between 22% and 24%," Veronika Movchan, the director for scientific work at the Institute for Economic Research and Policy Consulting, said at a roundtable at Interfax-Ukraine.