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

03/10/2003
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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