SAKHALIN REVERSAL TOPS C.I.S. ACTION

The outlook for joint ventures in the former U.S.S.R. has been badly muddied by Russia's reversal on one of the biggest investment opportunities: development off Sakhalin Island. Russia's Supreme Council has suspended award of a feasibility study of development of oil and gas reserves off Sakhalin to a combine of Marathon Oil Co., McDermott International, and Mitsui & Co. (MMM). Development project cost is pegged at $9-10 billion. In other news of petroleum joint ventures involving the

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