RusEnergy

25.10.2005 09:42 [Neftegaz.ru] - The US asked Russia to clarify a proposed law that would limit foreign firms’ access to the Russia’s largest oil and natural gas deposits. U.S. Energy Secretary Sam Bodman said after meeting with Russian Energy Minister Victor Khristenko, “Our government would like to see the passage of the Russian subsoil law, which will clarify the rules and the laws for investment in the energy area.” Investors have said they were concerned the move could limit the growth potential in Russia of foreign players such as U.S. Exxon Mobil Corp. or BP Plc.’s 50/50 Russian venture, TNK-BP. International mining companies are also watching to see how they may be affected. Khristenko said the government is very close to issuing its proposal, and downplayed the impact of the new laws on foreign investment. “It’s a very lenient limitation,” he said, pointing out that it would only apply to a handful of large fields where foreign investors are not seeing majority stakes. Bodman did not criticize the proposal outright, but called for consistency in U.S.-Russia oil dealings. “Russia has been undergoing a process of change,” Bodman said. “That has made it a challenge for businesses in both countries to work out appropriate relationships.”