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. Last Updated: 07/27/2016

Oil Stake Not Enough

MOSCOW -- Russia's Arkhangelsk region, home to a big planned oil deal with international consortium Timan Pechor Co. is demanding that Russia have a bigger stake in the project, Interfax reported Monday.

Felix Chimbulatov, deputy head of Russia's negotiating delegation to TPC, said that despite the 20 percent TPC share allotted to Russian companies Rosneft and Arkhangelskgeoldobycha, "such a share did not reflect Russia's interest in the project."

The demand that the Arkhangelsk region get at least a 10-percent stake could delay final approval of a production-sharing agreement with TPC, which must receive regional as well as federal approval.