Support The Moscow Times!

Foreigners Won't Be Given Oil Licenses on Shelf

Foreign companies will not be granted licenses to develop Russia's shelf oil deposits, Deputy Prime Minister Arkady Dvorkovich said Tuesday at a news conference devoted to Russia's agenda for the Davos economic forum.

They will be able to participate in the shelf's development as technological partners, but not as license holders, Vedomosti cited Dvorkovich as saying.

He added that the principal decision on allowing foreign companies to take part in the development of shelf oil deposits was actually made at the government's meeting Jan. 15, where it was agreed that they could only act as minority partners.

"We agreed that state companies are the main players, while proposals for the conditions under which private companies could work on the shelf would be finalized later," Dvorkovich said.

As minority partners, he said, the foreign companies would also be sharing a certain amount of risk.

Related articles:

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.