YUKOS President says Russia does not need PSA

The main problems of Russian oil producing enterprises are problems of insufficient infrastructure development and sales markets, while there are no problems with reserves of hydrocarbon resources and investments in their production, YUKOS President Mikhail Khodorkovsky made this statement to journalists. According to him, Russian legislators should introduce a 9m-barrel limit on daily production to improve the current situation. According to Khodorkovsky, the estimated reserves of hydrocarbon resources in Russia amount to about 150bn barrels.

Khodorkovsky also believes that Russia does not need the mechanisms of the Production Sharing Agreement (PSA), as it is more profitable for any state to explore its fields on the basis of its own mechanisms of taxation, not on privileges that are provided by the PSA. However, if the PSA is canceled, the Sakhalin-1 and the Sakhalin-2 projects on exploring oil and gas on this island will have to be stopped, which will negatively affect an investment climate in Russia.

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