world news - 30.11.2004
Russian Ministry of natural resources to create favorable investment conditions for the development of natural resources protection
Russian market is open for investments. The changes that occur in Russia witness the development and expansion of the market both from the interior market and foreign investment stability points of view’ Russian minister of natural resources Yuri Trutnev said during his meeting with the head of Anglo American Tony Trahar.
According to the minister the new bill titled ‘The use of subsoil’ will make the sector more attractive for foreign investors. According to Yuri Trutnev, competition in some of the extracting sectors is rather high. Investments in oil and gas extraction considerably succeed the amount of possible offers. ‘Therefore, we should attract investors to other extracting sectors of economy. We will create favorable conditions for the companies interested in investing in the procession of natural resources’ he added.
According to the minister, the new edition of the Forest Code envisages long-term forest rent for up to 99 years which will increase the investment attractiveness of timber-processing enterprises for foreign companies.
Tony Trahar said, that Anglo American is interested in long-term investments. ‘We’re proud of using environmental safety policies we uphold to and implementing high technologies. We will be glad to use this experience in Russia’ he said.
Lesprom
See also:
- — U.S. attempts last ditch appeal in softwood lumber dispute
- — Germany: Sawmills benefit from Export
- — Russian timber sector increased production 2.9% in first 10 months of 2004
- — Timber Price Indices in UK
- — Foreign investments in Russian timber sector reached $705 million in first 9 months of 2004
