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. Last Updated: 07/27/2016

Putin to Meet With Energy Executives

Prime Minister Vladimir Putin will this week hold a meeting on how to tap giant gas reserves on the Yamal Peninsula, and global majors hope to hear about tax breaks and eased regulations.

“We invited all those who are interested in working on Yamal,” Putin’s spokesman, Dmitry Peskov, said ahead of the meeting on Sept. 24 in the Arctic town of Salekhard.

Industry sources said invitations had gone to the chief executives of Total, Royal Dutch Shell, Exxon Mobil, ConocoPhillips, StatoilHydro, ONGC, Petronas as well as Gazprom and local gas and oil firms.

Gazprom is beginning to face reserve depletion at its Siberian fields and needs to develop fields on Yamal and in the Barents Sea to meet demand.

Russia passed laws curbing foreign participation in tapping its mineral resources last year, encouraged by a surge in crude prices.