Vainshtok says foreign firms will be allowed to invest in pipeline projects

Oct 30, 1999 02:00 AM

Semyon Vainshtok, president of Russia's state oil pipeline operator Transneft, said that foreign companies would be allowed to acquire minority stakes in oil transport projects.
Transneft will allow interested foreign firms to participate in these projects but will retain at least 51% of equity in the joint-stock companies set up to build new pipelines, he said.
This new policy will not require any changes to existing legislation, he added.
Vainshtok did not specify exactly which projects would be open to outside investment. He did say, however, that Transneft had not discussed the matter with the companies that had expressed interest in helping to build a bypass pipeline around Chechnya.That project is so urgent, he commented, that there was no time for lengthy negotiations.

Source: NewsBase
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