Russia to boost foreign investment in oil and gas sector

The Russian government is looking to attract more foreign investment in oil and gas exploration operations, Victor Orlov, the Chairman of the Federation Council's natural resources and environmental protection committee told the 8th International Conference and Exhibition for Oil and Gas Resources Development of the Russian Arctic and CIS Continental Shelf RAO/CIS OFFSHORE 2007. He noted that current foreign investment in this area stood at RUR4bn-5bn (approx. USD155m-194m), roughly 30 percent of the total investment in the oil and gas industry. The suggested increase will be stipulated by a draft law currently under review, which is planned to pass in 2007.