Russia could make a radical shift in policy and allow western crude producers to own oil...

Russia could make a radical shift in policy and allow western crude producers to own oil licenses in the Arctic, Energy Minister Alexander Novak has told the FT. Until now, Russia has awarded such licenses only to state-owned companies, with foreign firms taking just minority stakes in projects. However, Russia needs to attract Western know-how and money for it to fully exploit its Arctic resources.

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Comments (8)
  • youngman442002
    , contributor
    Comments (5123) | Send Message
    Yeah thats it..have the foreigners build it and then the State will just take it over..." spilled a drop....your are out..we are taking over"
    5 Oct 2012, 07:09 AM Reply Like
  • Tricky
    , contributor
    Comments (2586) | Send Message
    Spot on, young man.
    5 Oct 2012, 09:46 AM Reply Like
  • Bob Carl
    , contributor
    Comments (345) | Send Message
    I am afraid that I agree with the first comment. Until Russia has a true democratic and market capitalist economy governed by the rule of law, I would be very skeptical of any Western company's ability to make meaningful profits there.


    Russia has crony capitalism with the law the ukase of Mr. Putin. XOM is desperate to add to liquids production; otherwise, they would not be in Russia right now. Their Russian adventure adds a meaningful amount of long-term future risk to their stock, but, right now, their Russian adventure is in the honeymoon stage and will be bullish for XOM. Five years from now, when the infrastructure is mostly complete is when Russia will take it from them.
    5 Oct 2012, 07:51 AM Reply Like
  • TheJollyGreenMan
    , contributor
    Comments (103) | Send Message
    Bob, I see that question the rule of law in Russia. You may be surprised to know that in many quarters the way in which the rule of law is ignored in the most recent past, and under the current administration of the USA, is also a cause for concern. The way in which the current administration handled the gulf spill, and the president insisting on calling BP 'British' petroleum was perhaps not a shining example of how 'the rule of law' should be applied.


    Incidentally, what happen to the oil? Is it still floating around, lurking in the dark and waiting to pounce on some innocent sailboat passing in the area, or did it drift down to the fabled and mythical Bermuda Triangle to vanish amongst all the airplane wrecks?
    5 Oct 2012, 04:26 PM Reply Like
  • alexjoshannie
    , contributor
    Comment (1) | Send Message
    youngman442002- You are absolutely right... happened in the'll happen again... Hans
    5 Oct 2012, 07:56 AM Reply Like
  • cfg3450
    , contributor
    Comments (86) | Send Message
    Sad but true...youngman is right
    5 Oct 2012, 12:39 PM Reply Like
  • ebrke66
    , contributor
    Comment (1) | Send Message
    I agree with what everyone said. I have never trusted Russia or
    China. Along with a few others.
    5 Oct 2012, 04:40 PM Reply Like
  • Veritas1010
    , contributor
    Comments (3407) | Send Message
    Someone opined once: "All government is the enemy of the people".
    As was also said in an excellent movie: "Trust in God, because your
    * * * is mine".


    Thus saith all governments...Russia, China, and the US.
    6 Oct 2012, 08:12 PM Reply Like
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