KIEV, Nov. 14 ??“ Vanco Energy, an independent U.S.-based oil company, is ready to reduce its share in the Production Sharing Agreement with Ukraine for development of an offshore oil field near Kerch, a newspaper reported.

"Now, the Ukrainian government proposes: 60% before taxation for Vanco and 40% for the state. After taxation we will have 45% and the state will have 55%. We might agree with this," John Imle, Vanco??™s representative in Ukraine, said in an interview with Delo newspaper.