26 May 2004 02:30
Ministry to cut timeframe for announcing auction conditions
MOSCOW. May 26 (Interfax) - The Russian Natural Resource Ministry is proposing to reduce the amount of time for
announcing conditions for auctions for the right to develop fields from six months to 45 days before the auction is
held, Natural Resource Minister Yuri Trutnev told journalists in Moscow on Wednesday.
Trutnev said that these amendments "are practically ready and we are
striving to have the right to hold auctions within 45 days by the end of
"We will try to make changes in existing legislation, which will reduce the period of consideration from six
months to 45 days," he said. "Why do we wait for six months - most companies decide on their participation
long before the auction is announced," he said.
the summer." He said that if the period of six months is left in place then the government might not receive
anything this year from auctions to develop fields. "There are practically no final feasibility studies completed
for any auction, and it will take one or two months to prepare these documents. If we wait for another six months after
that, we will already be in 2005, and we want to work this year," he said. [RU EUROPE ASIA EEU EMRG ENR LAW] rd
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