CERA: Yukos CEO claims BP deal proves PSAs not necessary for Russian investments

02/17/2003
The $6.75 billion deal that BP PLC announced Feb. 10 to join its Russian interests with that of the Alfa Group and Access-Renova (AAR) "proves" that production-sharing agreements (PSAs) are not necessary to encourage foreign investment in that country, said Mikhail B. Khodorkovsky, chairman and CEO of OAO Yukos.BP signed an agreement in principle to combine its Russian interests with that of the AAR group to create the third largest oil and gas operation in Russia, with each of the two main entities holding a 50% stake. The new company will incorporate Tyumen Oil Co. and Sidanco Oil Co., each among the 10 largest oil and gas producers in Russia (see related story, this page).Significance ...
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