Kremlin State Foreign Companies Will Not Own Russian Energy

The Times of London newspaper reported Tuesday a spokesman for President Vladimir Putin has stated foreign companies will only be subcontractors, not owners, of Russian energy projects in future.

"Our companies have the opportunity to be owners by themselves, to attract finance and certain technologies," said spokesman Dmitry Peskov. "This changes the conditions for foreign investors. They won't be so much owners, they will have opportunities as contractors and subcontractors."

He said existing agreements would be respected, but added that the situation had "changed drastically" since the 1990s, when the struggling Russian economy needed foreign investment to develop its resources.

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Posted 14/12/06

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