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The Tyumen Oil Company and administration of the region decide how to divide the profit from the oil extraction

Samotlor-Express, August 29, 2001

The Siberian Research Centre on behalf of the Tyumen Oil Company submitted to Tyumen administration a draft production-sharing agreement for extraction of oil in Uvatsk area. The item on the division of profit is one of the key items in the agreement. The investor gets 80% (The Tyumen Oil Company in this case), and 20% go to the federal and regional budgets, as well as the budget of Uvatsk area (the proportion in this case has still not been defined). The Economic Department of the regional administration forwarded their conclusions to the Deputy Governor Vladimir Yakushev, writes the “Tyumenskaya Liniya” information agency.

Acting Director of the Economic Department Alexei Yanin thinks that some provisions of the draft may be changed. “The work on the draft will continue for several months, he said. However, we have only taken the first steps.”

According to the experts of the Economic Department, the production-sharing agreement should attract investors and increase the tax base in the region and also facilitate the exploitation of new deposits of the region. The regional budget annually receives s over 300 million roubles from oil extraction in the Uvatsk area.

See also:

Production-Sharing Agreements

Samotlor-Express, August 29, 2001

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