Government of Russia to consider a law on warranties for licenses to companies that discover a deposit

​The Government of Russia in the near future will consider a draft law providing warranties to a subsoil user in the part of license issue for holding the main works.

A subsoil user is to discover a deposit at first so as to be issued a license for its development, the Minister of Natural Resources, S. Donskoi, said on September 2nd.

The Ministry of Natural Resources has already submitted a draft law to the Government, according to which a foreign company will develop a deposit in Russia if it has previously discovered this deposit.

This draft law provides warranties to the companies in the part of license issue.

S. Donskoi reminded that the countries that have introduced limits for their investors were irrational. So the Government of Russia doesn’t plan to prevent the realization of oil and gas projects inside the country.