The Ministry of Natural Resources announced the reissuance of all subsoil licenses to Russian legal entities
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The licenses of foreign companies for subsoil plots in Russia have been reissued to Russian legal entities. About it informs TASS with reference to the press service of the Ministry of Natural Resources of the Russian Federation.
“At the moment, all licenses that are within the competence of Rosnedra have been reissued. These are 49 licenses for hydrocarbon raw materials and groundwater,” the ministry said.
The Ministry recalled the adopted amendments to the law “On Subsoil”, according to which foreign companies are excluded from the sphere of subsoil use. In this regard, foreign subsoil users must re-register licenses for Russian companies, otherwise the documents will be cancelled.
According to the Ministry of Natural Resources, Sakhalin Energy Investment Company Ltd. reissued 25 licenses for Sakhalin Energy, the new operator of the Sakhalin-2 project. In addition, the documents were redone by Exxon Neftegas Limited: 18 licenses were reissued to OOO Sakhalin-1. Another 15 licenses were re-issued from Salym Petroleum Development NV to OOO Salym Petroleum Development.
Russian President Vladimir Putin signed approved amendments to the law “On Subsoil” in June 2022. According to the document, foreign companies must, within 90 days from the date the law enters into force, create a new legal entity, if it did not exist, and reissue licenses for the use of subsoil to a Russian company.
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