Chevron may invest in shale gas exploration areas in Ukraine, Bloomberg reported Feb. 2, citing Ukraine Prime Minister Mykola Azarov. Azarov made the announcement at the opening of a weekly government meeting in Kiev. Ukraine looks to develop the shale gas deposits to reduce its dependence on imported fuels, especially its reliance on Russian gas. Ukraine receives about 50 percent of its energy needs from Russia. Gas pricing disputes between the two countries have interrupted gas flows into Europe twice since 2006. 80 percent of the fuels Russia sends to Europe are transferred via Ukraine. Azarov said that shale gas developments are difficult, requiring large expenditures.
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