MOSCOW, Russia's Deputy Minister of Natural Resources September 15, said Russia wants to foreign companies to help develop its huge offshore oil and gas reserves, because the Russian company could not complete the development of its own operations. The vice minister in remarks delivered before July, the Russian Natural Resources Minister said that Russia should consider amending the prohibition of foreign companies to participate in developing oil and gas reserves of law.
As oil prices since 2002, rose seven-fold, the Russian enact laws to prohibit foreign companies to participate in developing their own natural resources. Foreign companies are being forced to leave the implementation of projects. In 2006, Shell's Sakhalin -2 project give up control. In 2008, British Petroleum was forced to agree to Russia's Gazprom to sell gas field Kovykta control. As the global economic downturn and the drop in oil prices, Russian companies have to reduce this year's investment plans. Last year, foreign direct investment in Russia fell by 2.8% this year is expected to be further reduced.
Sep. 17, 2009
