Russian oil and gas production-sharing agreements promising but worrisome

Russia has found what has been purported to be a panacea for its economic woes-the production-sharing agreement (PSA), soon to be widely implemented in the country's oil and gas sector.Traditionally, Russia's oil and gas sector has led the way in attracting foreign investment since the fall of the Soviet Union-a total of $4.2 billion as of Jan. 1, 1999.Western specialists estimate that, once the use of PSAs is in full swing, direct foreign investment in the sector could total $64 billion.Foreign investment will undoubtedly have a positive impact-creating new jobs and boosting the economy. But Russian companies are concerned about ensuring that the country realizes maximum benefit ...

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