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The Russian Ministry of Natural Resources said Friday it was preparing to hold a tender for potential developers of Barents Sea deposits
The Russian Ministry of Natural Resources said Friday it was preparing to hold a tender for potential developers of Barents Sea deposits. The ministry's press service said Minister Yuri Trutnev had met with James Mulva, the chairman of the board and chief executive of ConocoPhillips, to discuss the company's investment prospects in Russia. The sides also considered the legal framework for foreigners' access to the country's mineral resources. A new law allowing foreign companies to develop Russia's natural resources will come into force in the second half of 2006. Trutnev said the auctions would be held only after the new law took effect. Mulva briefed the minister on the progress of joint projects with Russian companies and said ConocoPhillips was interested in developing Barents Sea resources, the press service said. Trutnev said ConocoPhillips and LUKoil would be able to bid for the projects without restrictions. The minister also said product sharing agreements, including on the Shtokman natural gas field, signed before the legislative changes, would not be reviewed.
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