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Gazprom, Rosneft propose to amend subsoil legislation for foreign companies’ participation

September 24, 2014, 9:37 UTC+3 YUZHNO-SAKHALINSK
Such amendments are relevant in the current political situation, deputy head of the Energy Committee of the State Duma Pavel Zavalny says
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© ITAR-TASS/Stanislav Krasilnikov

YUZHNO-SAKHALINSK, September 24. /ITAR-TASS/. Russia’s natural gas monopoly Gazprom and major oil company Rosneft have proposed to change the terms for foreign companies’ participation in the development of fields in Russia, deputy head of the Energy Committee of the State Duma Pavel Zavalny said on Wednesday.

“The attraction to the shelf of foreign investment, technology and experience, which is impossible without foreign companies’ full-fledged participation, is impeded by the current subsoil legislation. The role of foreign investors is mainly limited to having stakes in companies’ authorized capital, to the functions of operator under a contract with the license holder,” Zavalny said. This makes participation in the development of natural deposits uninteresting for foreign companies.

In this connection, Gazprom and Rozneft have proposed to amend the subsoil legislation, adding to it the norms that would “allow registration and re-registration of field development licenses in the name of a separate subsidiary of a legal entity,” Zavalny said.

“In the view of the companies proposing such legislation change, this measure would give the legal basis for the use of the world’s best experience in the development of continental offshore fields without the loss of the state control over these fields, as the Russian Federation reserves the right to have a 50% stake in the companies’ authorized capital,” he said.

Zavalny said such amendments are relevant in the current political situation. “In the conditions of sanctions, this would give an additional stimulus to foreign companies,” he added.

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