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. Last Updated: 07/27/2016

Duma to Consider Revised Oil Law

The State Duma will consider a new draft Tuesday of the oil production-sharing law, which could open the door to tens of billions of dollars of investments in Russia's energy sector, a senior deputy said.

Sergei Glazyev, co-chairman of the commission which groups both chambers, said the lower house would hold an extraordinary session Tuesday to debate the law.

He said the commission had not finished working out a compromise on the draft and hoped to finalize the work later Monday. The law would define rules under which foreign oil firms could share the output of Russian fields in which they invested.

The Federation Council had blocked the legislation, saying it would give away Russian resources too cheaply, and Duma deputies twice failed override the veto.