Definitely, Ukraine has huge potential in energy. Ukraine has, as I said, the third largest reserves of shale gas in Europe. Ukraine has huge potential of regular natural gas in the Black Sea and Azov Sea. The problem always was, and I hope it goes away now, that they've talked about the potential but never have done anything about it, for 20 years. I go to these conferences on energy in Ukraine every year and the ministers talk about the potential, for 20 years now, but nobody has done anything. The main reason is all the ministers, including President Yanukovych, always wanted a piece of the action in every project that was going to be developed, and if they did not get what they wanted, nothing happened.
Even now when Shell, Chevron, and Exxon have signed production-sharing agreements with Ukraine, if you look very carefully at who is in these production-sharing agreements, it's usually the Ukrainian government on one side, the oil company on the other side, and then you always find a small company in between, which is there for 5%, 7%, 8%. These are actually companies related directly to Yanukovych and his family and friends. This is the main reason nothing has been done: they are always negotiating, "I need 10%, I need 15%, I need whatever per cent to let go.”
I hope that now, finally, this new incoming government will take very seriously that part of Ukrainian business, because really, if Ukraine develops the resources they have, they're free from Russia for the major problem they have, which is energy. Then actually Russia will be dependent on Ukraine because they still have to ship their product through Ukraine. At this point, unfortunately, when you buy 70% of your energy supplies from one country, and it is Russia, as you have seen before, they can turn off that tap, especially when it happens for some reason in the winter, and then you have no choice but to do whatever they ask you to do.
I would say this is the main reason, corruption, and basically not allowing companies to work freely on developing these resources.