PRESS: Rosgeo may control undistributed Arctic shelf licenses

MOSCOW, Sep 4 (PRIME) -- Russian state geological exploration company Rosgeo may begin controlling undistributed shelf licenses, Kommersant business daily reported on Wednesday citing proposals of the Energy Ministry.

In July, Deputy Prime Minister Yury Trutnev suggested establishment of a state-run license operator to extend access of private investors to Russia’s Arctic shelf using a Norwegian-style license model, which encompasses that a local state company keeps 30% in such projects, while the remaining stakes can be given to foreign and private investors.

The Energy Ministry suggests a more conservative option, which envisages that the state company should own at least 50% of shelf projects.

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