Mergers, not PSAs, key to foreign Russian investment

Foreign oil companies "will probably have to abandon their preoccupation with PSAs (production sharing agreements)" as a means of acquiring oil and gas reserves in Russia, a merger consultant predicted May 21 at a global energy conference sponsored by KPMG LLP in Houston."Probably the only way that foreign companies can move into Russia is through some M&A (merger and acquisition) or other strategic equity transaction," said Brooks Frazier, regional director for RPI Inc., a consulting firm covering M&A activity in Russia's oil and natural gas sector."Looking at the Russian legislation right now for PSAs, it's pretty alarming," Frazier said. "Unless a miracle happens, only the thre...

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