PRESS: Russia’s Rosgeo seeks to become state corporation

MOSCOW, Sep 27 (PRIME) -- Russian geological exploration company Rosgeo, also known as Rusgeology, plans to become the main overseer of the country’s geological industry and take over budget funds on geological exploration from the Federal Mineral Resources Agency, as well as the agency’s powers to hold auctions for deposits, Kommersant business daily reported Tuesday.

Rosgeo has sent a draft bill on creation of a state corporation on its basis to the Natural Resources and Environment Ministry, the daily said citing the draft. The ministry is studying the issue, its spokesperson said.

Rosgeo was established in 2011 to boost the country’s geological exploration, which almost did not receive financing in the 1990s and 2000s.

End