Point of View: TNK's Khan: PSAs still crucial for Russian oil industry

Despite the recent successes of Russia's oil industry, one of that country's dynamic new players, Tyumen Oil Co. (TNK), contends that the failure to implement a viable production-sharing regime is damaging the industry and its efforts to attract foreign investment.Development of new reserves, which require large-scale investment with long-term payback periods, is feasible only under the production-sharing framework, argues German Khan, TNK managing director.Khan's comments came just as his company is dealing with the recent announcement by BP PLC that the UK supermajor plans to invest $6.75 billion in partnership with the principal investors in TNK and Sidanco Oil Co. to creat...

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