Russia considering changes to strategic minerals investment law

Russia is taking foreign advice into account in examining possible changes to its strategic minerals investment law.

Posted: Tuesday , 22 Dec 2009

MOSCOW (Reuters) -

Russia will seek opinion from foreign companies on proposed changes to investment laws needed to unlock the country's lucrative oil, gas and metals reserves, the head of Russia's anti-trust agency said.

Long-awaited revisions to Russia's strict laws on foreign investment in strategic mineral fields should be ready by the end of January 2010, when they will be presented to potential investors, Igor Artemyev told reporters.

"The prime minister has ordered that the changes to foreign investment laws be discussed with investors, both Russian and foreign, prior to their being passed by the government," said Artemyev, who heads Russia's Federal Anti-Monopoly Agency.

"The text of the new law will be ready between the middle and the end of January. Then the Economy Ministry will have a series of public discussions with investors," Artemyev said.

Prime Minister Vladimir Putin chaired a government meeting on Monday to discuss laws on foreign investment.

"I have no doubt those who approach us today with investments and technology will have competitive advantages not only in the Russian market, but in international markets," Putin said in comments posted on the government's website.

"On our part, we will do everything necessary to create the best conditions for attracting capital to Russia," Putin said. (are you taking notes fatty man Chavez)

The law in question, Law 57, regulates foreign investment in Russia.

"The state wouldn't disclose its detailed proposals to the Law 57," a spokesperson for a Western company present on the Russian market said.

"For us, one of the main points is the possibility for keeping the licence on a field if, during exploration work, it turns out the deposit falls under the 'strategic' category."

(Reporting by Robin Paxton, Vladimir Soldatkin and Darya Korsunskaya; editing by Sue Thomas)

© Thomson Reuters 2009 All rights reserved