Russia may tighten equity deals with large fields

MOSCOW, Dec 24 (Reuters) – Russia’s Resources Ministry will propose easing access to state auctions of large oil, gas or metal deposits by foreign companies but will tighten control over large equity deals, minister Yuri Trutnev said on Monday.

Analysts said the measure if approved would bring clarity to rules by which the Kremlin will treat foreign investors who have themselves repeatedly called on Moscow to introduce a legal framework to policies often driven by resource nationalism.


“If before foreigners were not allowed to participate in strategic field auctions, now the mechanism of access has substantially eased,” Trutnev, who has previously advocated caps on foreign majors, told reporters.

“They (foreign firms) will now have a chance to access strategic fields by applying for permission from a government commission,” said Trutnev, who added his ministry was working on changes to the existing legislation.

Reuters