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. Last Updated: 07/27/2016

State to Eas Law on Energy Investments

The Russian government is preparing a package of amendments to make a key law governing investment in the energy sector more friendly to foreign investors, Prime Minister Victor Chernomyrdin said Thursday.

Russia's long-awaited law on production sharing agreements (PSAs) took effect at the end of last year.

But legislators in parliament have substantially changed the government's original proposal, complicating the approval process for the deals and watering down key clauses on tax guarantees.

Foreign oil companies have deals involving investment of as much as $40 billion which depend on the law, but the draft currently in effect has met a cool reception.

The government, is working on a package of 37 new regulations to ease problems with the law, the premier said, without providing further details.