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Russia toughens talk on foreign access to energy reserves
AFP
SAINT PETERSBURG
Petroleumworld.com 06 14 06A new Russian energy law will restrict by more than expected foreign access to the country's massive energy reserves, Russia's natural resources minister said on Tuesday.
For oil, companies majority owned by foreign investors will not be able to bid for oil fields of over 70 million tonnes (77 million short tons), since these will be considered as strategic, Yuri Troutnev told an international economic forum here.
Previously foreign investors were expected to be able to bid for reserves of up to 150 million tonnes (165 million short tons).
For gas, fields of over 50 billion cubic metres (1,800 billion cubic feet) will be considered as strategic, down from the previously expected limit of 75 billion cubic metres (2,700 cubic feet).
The new law, which will also cover access to other raw materials like gold and copper, should clarify the rules governing foreign investment and has been the subject of tortuous negotiations.
Europe is increasingly nervous about over-dependence on Russian gas and oil, and is keen on more foreign investment in Russia's energy fields in order to secure future supplies.
Currently, state-run Gazprom has a de-facto monopoly on gas exports.
Over the weekend Russian and EU finance ministers refused to budge in a high-stakes debate on energy during talks, leaving the row to their political bosses at next month's G8 summit.
AFP 13 1755 GMT 06 06
Copyright ©2006 AFP. All Rights Reserved.
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