Kalyuzhny says Russia needs a state-owned oil company

Aug 06, 1999 02:00 AM

Russian Fuel and Energy Minister Viktor Kalyuzhny said recently that Moscow must eventually establish a state-owned oil company.
The government needs to set up such a company, he said, in order to collect and control the state share of profits from oil concessions being developed under production-sharing agreements (PSAs). Only a state-run company, Kalyuzhny said, can ensure the proper distribution of profits from PSA projects, he said.
He did not explain how such a company might be set up, saying that Moscow had not yet come to any decisions on the form of a state oil firm. Kalyuzhny announced earlier this summer that the government had decided not to go ahead with plans to set up a state oil holding, which would have been known as the National Oil Company (NNK), by merging its holdings in Rosneft, Slavneft and Onako.

Source: NewsBase
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