KIEV, Sept. 3 – The Ecology and Natural Resources Ministry and the interagency commission for organizing and signing production sharing agreements have drawn up a new draft PSA on the Oleska shale gas field (Ivano-Frankivsk and Lviv regions) to be signed between Ukraine, Chevron Corporation and Nadra Oleska LLC, which foresees the transfer of 10% of state income from the sale of fossil fuel to the management of regional councils.

The ministry says that 14 proposals and remarks of the Ivano-Frankivsk Regional Council were taken into account, and 35 proposals and remarks were partially taken into consideration.

The ministry said that the transfer of the part of the profit would require amending the Budget Code. It is expected that the procedure, conditions and terms of the transfer will be defined in a separate agreement signed by the Cabinet of Ministers and the regional council within 180 days of the moment the PSA takes effect.