Foreigners may control 50% of Russian geological exploration 2020

MOSCOW, Mar 12 (PRIME) -- Foreign companies may control half of geological development in Russia by 2020, according to materials of the State Duma, the parliament’s lower chamber, seen by PRIME on Thursday.

“If there is a lack of necessary reaction (for example the development of state exploration company Rusgeology) the foreign presence growth may lead to control of over 50–60% of the market by foreign companies by 2020,” it said.

The share of foreign companies in Russia’s geological exploration stood at 5% in 2000 and rose to 27% in 2012, according to the data.

End