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Granting access to offshore development for private companies premature — Deputy PM

Earlier Russian Minister of Natural Resources said the government commission on fuel and energy sector may consider liberalization of the law on private companies’ offshore access early in August

Russian Deputy Prime Minister and Presidential Plenipotentiary in the Far Eastern Federal District Yuri Trutnev Alexei Nikolsky/Russian presidential press service/TASS

Russian Deputy Prime Minister and Presidential Plenipotentiary in the Far Eastern Federal District Yuri Trutnev

© Alexei Nikolsky/Russian presidential press service/TASS

MOSCOW, August 11. /TASS/. Time is not proper to authorize the offshore development for private companies, Deputy Prime Minister and Presidential Plenipotentiary in the Far Eastern Federal District Yuri Trutnev said on Tuesday in an interview with Forbes.

"It seems to me the access of Russian private companies to offshore operations may make the field exploration process more active and give an impetus for development of the sector related to manufacturing of equipment of development, production, and transportation of hydrocarbons. At the same time, the market for such activities, to put it lightly, is not very good," Trutnev said.

The government commission on fuel and energy sector may consider liberalization of the law on private companies’ offshore access early in August, Russian Minister of Natural Resources Sergey Donskoy said before.

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