Sputnik: Chevron quits shale gas project in Ukraine due to low gas prices and delays

US energy giant Chevron decided to withdraw from the shale gas project in Western Ukraine Monday due to low world prices on gas, constant delays in the implementation of the project and high taxes, experts told Sputnik News Agency.

The product sharing agreement (PSA) between Chevron and Ukraine's 'Nadra Oleska', 90 percent-owned by national joint stock company 'Nadra Ukrayny', was signed in November 2013 and was seen as a move that would reduce Ukraine's dependence on gas deliveries from Russia. Chevron, however, has decided to quit the project and there are several reasons for such a move. MORE