KIEV, Nov. 24 ??“ Naftogaz Ukrayiny, the national oil and gas company, on Nov. 24 approved a UAH 8.9 billion investment plan drafted by its subsidiary, ChornomorNaftoGaz, for exploration of oil and gas offshore the Black Sea.

The plan, which anticipates the investment between 2007 and 2016, was approved by at a meeting between Naftogaz CEO Volodymyr Sheludchenko, ChornomorNaftoGaz CEO Anatoliy Prysiazhniuk and Crimean Prime-Minister Viktor Plakida in Simferopil.