Gov't to reconsider fields developed under Production Sharing Agreement

The Russian government will introduce amended bills on Production Sharing Agreement to the State Duma before April 3, 2003, Deputy Prime Minister Viktor Khristenko told journalists today after a meeting of the government's commission on Production Sharing Agreement. The Deputy Prime Minister explained that these amendments would concern the related part of the Tax Code and the law on Production Sharing Agreement. In the event the parliament approves these amendments, only five fields developed under the Production Sharing Agreement will remain out of a total of thirty three. The five projects had undergone all necessary procedures while state authorities still have questions on the other twenty eight fields. The development of these fields under the Production Sharing Agreement can be halted, Khristenko said.