15 June 2004 02:33
Ministry to reach decision on Kovykta license in 2-3 mths (Part 2)
ST. PETERSBURG. June 15 (Interfax) - The Russian Natural Resources Ministry will decide whether Rusia Petroleum, a
subsidiary of the TNK-BP oil major, is observing the terms of the license it holds to the big Kovykta gas condensate
field in the Irkutsk region over the next two or three months.
Yury Trutnev, the natural resources minister, said in St. Petersburg that "there is a problem concerning the
non-fulfillment of the license agreement for the development of the Kovykta field. I can say with certainty that there
should not be any undeveloped fields. In principle, unused licenses should be revoked," Trutnev said.
Gazprom would not be able to consider taking part until all
controversial issues have been resolved with the Russian Natural
Gazprom has said one of these issues was the timing of the Kovykta
development, which does not correspond to the terms of the license
"But in this case not everything is that simple. This is a very serious project and we need to look into it in
detail. I think this will take two or three months," Trutnev said.
TNK-BP is trying to negotiate a role for Russia's gas monopoly Gazprom in the project, but Gazprom CEO Alexei
Miller has said that in view of "numerous violations of the license agreement to develop Kovykta
Resources Ministry."
agreement.
But TNK-BP's managing director Viktor Vekselberg said commissions set up by the Natural Resources Ministry and
the Audit Chamber to check into Rusia Petroleum had no major complaints. Vekselberg, who is chairman of the board of
directors at Rusia Petroleum, said "there are some questions related to the issuance of the license ten years
ago."
"But let us make a clear distinction between complaints against a mineral developer and the way it is fulfilling
license obligations and aspects of the issuance of the license, given that mineral development laws have changed over
the last ten years. It will take action from the ministry and regional mineral development commissions to resolve the
issue," Vekselberg said.
The main shareholders in Rusia Petroleum are TNK-BP, with 62.42% of shares, Interros has 25.82% and the Irkutsk
Region State Property Committee owns 11.24%.
Kovykta, which is 450 km from the city of Irkutsk, holds an estimated 1.9 trillion cubic meters of natural gas. [RU
ASIA EUROPE EEU EMRG ENR NGS LAW CORA RESF] pr
[Interfax] |
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