` Rosneft and Gazprom are Officially the only `Two ‘ to be `Awarded’ Arctic Shelf Permits though exact amount paid is Unknown ‘

#AceFinanceNews says that Gazprom and Rosneft are officially the only companies with the right to explore the Russian Artic shelf, as they both received exclusive extraction licenses in return for large cash payments.

In 2009, Rosneft agreed to pay 1.4 billion roubles ($450 million) and Gazprom 1.2 billion in a resolution passed by the state Duma, but the exact amount paid in June 2013 for the licenses is unknown.

Russia has passed a law that only companies in which the state owns more than half and have at least 5 years of Arctic experience are eligible for permits

Lukoil, the country’s second largest oil company, is publicly owned, and Sugtneftegas, known to have close ties with the Kremlin, is also publicly owned, and therefore not up for a permit.

Tatneft is the country’s sixth largest and operates out of the Republic of Tatarstan, which is also the company’s primary shareholder.

#AFN2014

#artic-shelf, #gazprom, #kremlin, #lukoil, #republic-of-tatarstan, #rosneft, #state-duma, #sugtneftgas, #tafneft