Interfax Ukraine cited Mr Yuriy Boiko Ukrainian Fuel and Energy Minister as saying that Ukraine will purchase a drilling rig from China to extract oil and gas on the Black Sea shelf.

He said that "We're purchasing the drilling rig via a commercial credit from a Chinese company: we've conducted a relevant tender. The conditions are very profitable and we've practically received it on leasing."

Mr Yuriy Boiko said the countries are also discussing the issue of the direct participation of Chinese oil and gas companies in the development of Ukrainian offshore oil and gas fields.

He said that "At present we have rapid progress in attracting partners for the development of these shelf deposits. These are cost-based and risky projects that are why we will attract leading companies of the world and we are already doing this."

The fuel and energy minister said Kyiv and Beijing plan to sign a memorandum on financing the construction of a combined-cycle power plant in Ukraine, as well as to start cooperation in the sphere of energy efficiency.

(Sourced from Interfax-Ukraine)