Russian Government Tightens Grip On Arctic Oil

Law360, New York (July 18, 2008, 12:00 AM EDT) -- The Russian government will hand-pick companies to develop the oil reserves under the Arctic Shelf under a law reportedly signed Friday by President Dmitry Medvedev.

Medvedev outlined the plan during a televised news conference with Deputy Prime Minister Igor Sechin, according to the Associated Press.

The law will forgo auctions and give the Kremlin the power to select the companies that will be allowed to drill in the Arctic reserves.

Only companies owned by the state with five years of experience working on the Artctic Shelf...
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