National joint-stock company Naftogaz Ukrainy and U.S. Frontera Resources Corporation have signed a memorandum of understanding during the Ukrainian-U.S. business forum held in Washington on July 13, the press service of the holding has reported.

According to the memo, the sides agreed to cooperate in investing in exporation and development of oil and gas fields in Ukraine and realizing a project on imports of liquefied natural gas (LNG) from the facilities of the American company in Georgia.

The memo takes effect from the moment of its signing and is in effect for a period of two years.

As reported, in March 2012, Frontera Resources Corporation signed a memorandum of understanding with the State Service of Geology and Deposits of Ukraine. There are plans for Frontera to explore and produce fossil fuel in Ukraine.