14 June 2004 17:50
Hijacked in Russia
Canadian Company Reminds Business Leaders About Risks of Russian Investment OTTAWA, June 11 /CNW/ - During this
weekend's upcoming Russian Commerce and Industry Exhibition in Ottawa, a Canadian petroleum Company is highlighting
the real risks of Canadians investing in Russia. Calgary based NoreX Petroleum had their Russian investment taken over
at gunpoint in June 2001. The issue remains unresolved despite repeated complaints from the Canadian Government
including former Prime Minister Chretien and current Prime Minister Paul Martin while in his previous role as Minister
of Finance. "It is ironic that the Canadian Government is highlighting the opportunities to do Business in Russia,
while the Russian Government has ignored repeated calls to resolve cases where Canadian Companies have been robbed at
gunpoint in Russia," stated Phil Murray President of NoreX Petroleum. NoreX Petroleum's dramatic story was
highlighted in the recent December 2003 documentary aired by CBC Fifth Estate. The documentary entitled "Bear
Hug" highlighted the story of how the Canadian oil company had invested in the Western Siberian oilfields following
the collapse of the Soviet regime. NoreX then built up production and profitability only to be pushed aside and taken
over by machine gun toting thugs of Russia's TNK oil company. "NoreX's story has been well documented and
we need Canadian pressure to move the Russian President to addresses our situation. Canadians should be very wary of
investing in Russia until it is clear the Russian's are serious about fair commercial courts and transparent
treatment of foreign investment," said Murray. The dangers of the murky Russian investment climate are highlighted
by the fact that this weekend's Russian Commerce and Industry Exhibition at the Ottawa Congress Centre features a
presentation by Leonid Youlianovich Roketskii who was the Governor of Tyumen' oblast' and was previously
Chairman of TNK Board and supported TNK at the time NoreX was seized Russian mob style with machine guns paramilitary
style. "To have one of the main quarterbacks of this type of business activity talking to Canadian business about
investing in Russia is pretty scary," added Murray, "Canadian business leaders need to know the dangers they
face in Russia".
VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION: http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=14078 /For
further information: Mr. Murray will be available for comment Friday and this weekend. He can be reached at his Ottawa
office at (613) 233-8906 or by cell phone at (403) 531-4519/
[Canada Newswire] |
RUSSIA IN FACTS
