Future of Production Sharing Agreements in Ukraine: Expectations vs. Reality
According to a production sharing agreement, one party, Ukraine (the State), appoints the other party, the investor, to prospect for, explore and extract mineral resources in designated subsoil area(s) and to perform the agreement-related works for a specified period of time, while the investor undertakes to perform the assigned works at its own cost and risk, with further compensation for the costs and receipt of payment (remuneration) in the form of a portion of the profit from production. Such definition of production sharing agreements is provided for in the Law of Ukraine On Production Sharing Agreements (the PSA Law).
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